Live In Play 07-Jul-05 06:40 AP says British police said minutes before attack that it had received warning of possible terror attacks in London
Close Window Live In Play 07-Jul-05 06:39 CNBC reports AP quoting Senior Israeli official saying Scotland told Israel minutes before explosion it received warning of possible terrorist attacks
I was wondering why crude would tank on terrorism. Here is what I found. Also I magine that there is fear during a time of low liquidity. http://quote.bloomberg.com/apps/news?pid=10000006&sid=aO_MCL5Sb3cQ&refer=home Oil Tumbles From Record After `Multiple' Explosions in London July 7 (Bloomberg) -- Crude oil fell from a record of more than $62 a barrel in New York after explosions across ``multiple locations'' in London. Crude oil for August delivery tumbled $1.83, or 3 percent, to $59.45 a barrel at 11:11 a.m. London time. Earlier, the price rose to $62.10, the highest price since the contract was introduced on the New York Mercantile Exchange in 1983. London closed its subway system and evacuated all stations after emergency services were called to explosions in and around the financial district. A bus exploded near Russell Square, causing ``numerous casualties,'' a police statement said. When there's concern about a possible terrorist attack, ``it's blind panic,'' said Bruce Evers, an oil analyst at Investec Securities in London. ``People just don't think rationally. It's a knee-jerk reaction after the quite big jump in prices we've had in the past few days.'' Brent crude for August settlement dropped as much as $2.14, or 3.6 percent, to $57.71 a barrel and was down $1.84 on London's International Petroleum Exchange. Prices earlier rose to a record $60.70 a barrel. Crude oil prices jumped more than $1 a barrel to $29 in the days after the Sept. 11, 2001, attacks on New York and the Pentagon, before falling for the rest of the year as air travel suffered and the economy slowed. Crude oil ended the year at $19.84 a barrel. Consumer `Psychology' A terrorist attack has ``a huge impact on the psychology of consumers,'' said Frederic Lasserre, the head of commodities research at Societe Generale SA in Paris. ``They become reluctant to spend, it has an impact on air travel, and at the end on oil demand. Today's price drop is explained by the reaction to the September 11 attacks.'' Prices earlier today surged in London and New York on concern that Hurricane Dennis, headed toward the Gulf of Mexico from the Caribbean, may become the second storm this week to disrupt U.S. supplies. Prices had climbed as much as 90 percent from the end of 2003 until losing gains today as soaring demand, led by China and the U.S., forced producers including the Organization of Petroleum Exporting Countries to pump at capacity. Analysts have said only a drop in demand would lower prices. To contact the reporter on this story: Alejandro Barbajosa in London at abarbajosa@bloomberg.net Last Updated: July 7, 2005 06:15 EDT http://quote.bloomberg.com/apps/news?pid=10000006&sid=aO_MCL5Sb3cQ&refer=home
Great timing, during the G-8 summit. This'll help push the focus off "helping those starving black people" and "climate change" and put it back on "building unsustainably overextended empires through the reckless and preemptive use of overwhelming military force", where it belongs. George W. Bush must be the luckiest man in the world. The terrorists always attack when it will do him the most good. But then again, he's kind of a One-Trick Pony. He has nothing to contribute on poverty or climate change except to say that he supports poverty and climate change.