Brent Crude Oil Rises to One-Week High on Pipeline Fire in Iraq

[NNN0LHI]

http://quote.bloomberg.com/apps/news?pid=10000103&sid=aeAHBWG6FDbs&refer=us

March 24 (Bloomberg) -- Crude oil futures rose to a one-week high in London after a fire at a pipeline in southern Iraq heightened concern that exports will be interrupted from the holder of the world's second-biggest oil reserves.

U.K. forces and Iraqi firefighters are tackling the blaze near the country's main storage facility at Al-Faw, a spokesman for the U.S.-led occupation authority said. Iraq has relied on the nation's south for most of its oil exports until a northern pipeline to the Turkish port of Ceyhan re-opened this month.

``It's one thing going wrong after another with Iraq, '' said Bruce Evers, an analyst at Investec Henderson Crosthwaite in London. ``It doesn't look like we can rely on Iraq coming fully back on line anytime soon.''

Brent crude oil for May settlement rose as much as 29 cents cents, or 0.9 percent, to $33.60 a barrel on London's International Petroleum Exchange. That's the highest price since March 15. It was trading at $33.41 a barrel at 9:54 a.m.

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[Jacobin]

1. This part is very telling

It's one thing going wrong after another with Iraq, '' said Bruce Evers, an analyst at Investec Henderson Crosthwaite in London. ``It doesn't look like we can rely on Iraq coming fully back on line anytime soon.''

So the attempted theft of oil isn't going very well either?

Has George the Idiot ever done anything right? Even an evil scheme?

[reprobate]

3. Has Bush the Lesser ever done anything right?

You're right, Jacobin. He has never succeeded at anything he tried. Every business venture he was ever involved with had to be bailed out by daddy's friends.

However, I will say that he fits in well with the bunch he's surrounded himself with. The neocons are so ideological that facts do not interest them. To paraphrase the philosopher, "They could f*ck up a crowbar".

[NewYorkerfromMass]

2. Wow. So our troops get picked off and still no oil?

So we can't even say it's blood for oil since obviously protecting the oil lines is low priority.
This is pathetic.
Tragically and depressingly incompetent.
It's also disgusting as humanly possible. Wretchedly disgusting.

[Barrett808]

4. kick

[SoCalDem]

5. Pipeline fires have been going on for a long time

They are easy to set.and effective.. They are having to truck oil to Kuwait in some cases because of the sabotage.

[daleo]

6. A while ago, they said they would truck it out from the north

Apparently, it would only take about 10,000 trucks per day to get back to pre-war levels.