June 28, 2004
UPDATE: But this story seems to be good news:
Oil prices dropped sharply Monday as Iraq increased exports after mending sabotaged pipelines and as extra supplies from other OPEC members reassured international markets.
Some additional pressure was taken off the market by the resolution of a labor dispute in Norway, the world’s third-largest oil exporter, late last week.
“You have a lot of good news out there,” said Phil Flynn, an analyst at Alaron Trading in Chicago.
Even the antiwar folks can be happy: If oil prices rise, it’s proof that Bush is helping out his oil-industry buddies. But if they fall, it’s proof that the war was for oil all along. Win/win!