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Odessa American in Odessa, Texas

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Newspaper

Odessa American

Location

Odessa, Texas, United States of America

Date

Jun 20, 2008

Page

2

Oil prices drop as China plans price hike and Iraq talks loom

Oil slid after China announced gasoline and diesel increases of 16 and 18 percent, easing demand fears, while Iraq signaled Western service deals to raise output by about 600,000 bpd. July crude settled at 131.93 on the NYMEX as fear of higher demand and a stronger dollar pressured futures. Gas prices eased to 4.073 a gallon nationally.

New York China Iraqi Oil Ministry New York Mercantile Exchange James Cordier Tampa Liberty Trading Group Option Sellers.com Phil Flynn Alaron Trading Corp Chicago Iraq Baghdad Saudi Arabia Royal Dutch Shell PLC Nigeria AAA Oil Price Information Service United States Transportation Department

Iraq near major oil service deals with Western firms

Iraq moves toward signing oil-service pacts with several Western companies as the oil ministry says talks are close. The deals would aid production while Iraq awaits a new national oil law held up by political disputes among Sunnis, Shiites, and Kurds. Western firms could gain long term access and a bidding edge in Iraq’s potentially lucrative industry.

Houston Iraq al-Bakir Basra Baghdad

Mortgage rates surge to near nine month high

Freddie Mac reports the 30 year fixed mortgage average at 6.42 percent for the week, up from 6.32 percent, the highest since September. Analysts note inflation fears after May price reports and a futures market pricing in a September Fed rate hike. Fed Chair Bernanke warned against inflation expectations becoming unanchored.

Washington Federal Reserve Freddie Mac Frank Nothart Fed Ben Bernanke

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