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Crude price falls

Monday, April 7, 2003 | 9:33 a.m.

NEW YORK -- Crude oil fell for the fourth time in five sessions as U.S. forces moved into central Baghdad, spurring expectations that the war's end and the resumption of Iraqi exports are approaching.

Iraq pumped about 3 percent of the world's oil in February and has the world's second-largest reserves, after Saudi Arabia.

"The liberation of Iraq is at hand and as a result, we'll soon see a greater amount of oil arriving here," said Phil Flynn, a senior energy trader at Alaron Trading Corp. in Chicago. "Once a new government is installed we can expect a big increase in output."

Crude oil for May delivery was down 57 cents, or 2 percent, at $28.05 a barrel as of 10:36 a.m. on the New York Mercantile Exchange today.

Oil has tumbled 30 percent from a 12-year high of $39.99 a barrel on Feb. 27.

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