Money Money Money
The oil markets seem happy with yesterday's Iraqi election:
Jan. 31 (Bloomberg) -- Crude oil futures fell, extending last week's 2.8 percent decline, after insurgents failed to sabotage the Iraqi election, easing concern they may attack export facilities in the Middle East's fifth-largest producer.
OPEC may raise output in the second quarter, President Sheikh Ahmad Fahd al-Ahmad al-Sabah said yesterday after the group agreed to leave production targets unchanged. In Iraq, ``current indications'' are that the election was a success and that ``augurs well for the transition process,'' United Nations Secretary-General Kofi Annan said, according to the UN Web site.
``There's room for oil to go down a bit further,'' Randy Simpson, vice-president of supply and trading at New West Petroleum Inc. in Sacramento, California, said before the start of trading. ``The general consensus was that things were going to go to plan in Iraq, or at least with a bit less mayhem.''
It'll be interseting to see what (if any) reaction the US equities markets have tomorrow.