Monday, March 31, 2008
Oil bears and the Basra ceasefire
Whatever it was the happened between Moqtada al-Sadr and the government of Iraq over the weekend, it drove down the price of oil:
Oil prices plunged $4 to below $102 a barrel on Monday as a week of heavy fighting in Iraq's oil port city of Basra ended and officials predicted a recovery in crude exports from the hub within a day.
It would reinforce my faith in humanity if I knew that al-Sadr shorted oil before settling up with Prime Minister al-Maliki, but that is probably too much to hope for.
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