20 March 2003, 12:18  Oil prices slump as war on Iraq begins

Oil prices slumped this morning after the US mounted its first attack of the war in Iraq. US crude prices have tumbled by USD1.88 a barrel to a three month low of USD28, as traders bet on a swift war that does not disrupt oil supplies from neighbouring countries. Markets have also been reassured by a renewed pledge from the OPEC oil cartel to fill any supply gap caused by a lack of supplies from Iraq. OPEC said it was ready to add 5-6m barrels a day to the market if Iraqi oil was lost. //www.fxcentre.com

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