War Talk Catapults Oil Price

World | February 7, 2003, Friday // 00:00

The price of oil has shot up again after US President George W. Bush said "the game is over" for Iraqi President Saddam Hussein. A war in Iraq, the world's eighth largest oil exporter, could disrupt supplies from the Middle East and further reduce low global reserves. Brent crude futures traded 54 cents higher at $31.94 a barrel by 1112 GMT, after hitting a new two-year high of $32.00 a barrel on Thursday before falling back. United Nations weapons inspectors are due back in Iraq this weekend ahead of an address to the Security Council on 14 February.

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