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.
MENTIONED IN THIS ARTICLE
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.
MENTIONED IN THIS ARTICLE
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.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Freddie Mac
Frank Nothart
Fed
Ben Bernanke
Also Mentioned on This Page
U.S
American Automobile Association
Aaa.com
THE
Associated Press
Venezuela
Nabil AL
le Coe