Crude oil prices dived today to their lowest level in two months after President George Bush gave Saddam Hussein two days to leave Iraq. At one stage, the benchmark Brent crude shed 10pc of its price in London trade to just USD26.40 a barrel. This was its lowest price since January. Although fears of war disrupting supplies has driven prices up in recent weeks, sentiment has changed.
Traders are now betting on a short and decisive war that will leave supplies outside of Iraq unaffected. Brent crude futures for May settlement closed 190 cents down in London tongiht at USD27.58. In New York tonight, reference light sweet crude contracts for April settlement lost 298 cents to reach USD 31.95 a barrel. //www.fxcentre.com