Oil prices pulls back from 29-month highs

LONDON Oil prices pulled back from 29-month highs yesterday in light profit-taking as the United States and Britain worked on a UN mandate for war on Iraq.


Published: Thu 20 Feb 2003, 3:22 AM

Last updated: Wed 1 Apr 2015, 8:24 PM

A cold blast in the world's biggest heating oil market in the US Northeast also underpinned prices, which are just $4.50 shy of an all-time high set after Iraq invaded Kuwait in 1990.

International benchmark Brent crude oil fell 29 cents to $32.25 per barrel, just below a two-year high of $33.10 touched last week.

US crude futures dipped 33 cents to $36.63 a barrel, off a peak of $37.05 reached on Tuesday, its highest level since September 2000.

Dealers reported light profit-taking after a blistering oil price rally over the last three months which has added 50 per cent to the cost of crude.

"The world is facing the prospect of losing Iraq's two million barrels per day of oil exports, and perhaps some of Kuwait's oil too, at a time when oil prices are already well above $30 per barrel and stocks are abnormally low," said the Centre for Global Energy Studies in a monthly report.

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