41. Crude oil rose amid concern that new United Nations sanctions threatened against Iraq will reduce or suspend Iraqi oil exports. 42. Crude oil rose as traders awaited word of whether the U.S. will approve United Nations guidelines governing Iraqi oil exports according to an agreement reached in May. 43. Diplomats are investigating using Iraqi oil revenues under UN control earmarked for Kuwaiti reparations, or turning to the World Bank. 44. Diplomats said that Iraqi oil could begin flowing again as early as next month, for the first time in six years. 45. Drollas said the Iraqi oil would have helped keep prices down at a time of high demand and low supplies. 46. Diplomats say that Iraqi oil could begin flowing again as early as next month, for the first time in six years. 47. El-Badri added that he thinks the world can absorb the Iraqi oil exports without a big drop in prices. 48. Expectations that Iraqi oil would begin flowing pulled crude lower in early trading, after the United Nations approved an aid distribution plan. 49. France and Russia are looking to lift sanctions and share in Iraqi oil revenues and trade. 50. Gasoline sank as a surge in Iraqi oil exports raised expectations that U.S. gasoline imports would rise just as the summer driving season winds down. |