Oil Prices Tumble Almost $2 a Barrel; No Shortages Seen
NEW YORK — Oil prices fell sharply today on Iraq’s offer to sell crude at the bargain price of $21 a barrel--more than $14 below the current market.
The market also fell amid a consensus that there is enough oil to go around, analysts said.
“The war premiuum is coming out of the market a little bit,” one trader said.
Oil prices slid on the New York Mercantile Exchange, with the leading November delivery tumbling $1.92 to $34.80 a barrel.
The selloff extended to the unleaded gas market, which dropped 3.60 cents to 89.80 cents a gallon. Heating oil sank 4.25 cents to 94.00 cents a gallon.
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