- Peter Kinder resigns federal agency post, concludes position unnecessary and waste of tax dollars (6/16/18)2
- Stormy Daniels to visit East Cape Girardeau (6/13/18)20
- Longtime downtown Cape bartender Marcellus Jones remembered by friends (6/12/18)2
- Committee to start planning process for indoor aquatic center in Cape (6/20/18)1
- A community rallies behind Honorable Young Men's Club (6/16/18)1
- Southeast to spend $150,000 to refresh brand with Ohio firm (6/19/18)6
- New urban dance studio opens on Broadway (6/15/18)2
- Jackson natives compete in 260-mile canoe race (6/16/18)1
- Couple charged in beating death at Brick's (6/13/18)
- Mother, child reportedly hit by car in Cape Girardeau (6/18/18)
Iraq agreement to return of U.N. inspectors lowers oil futures
OSAKA, Japan -- Iraq's agreement to the return of weapons inspectors sent the price of oil futures lower Tuesday, easing pressure on OPEC ministers to boost output to ease price increases that had built on fears of war.
The futures price dipped about 4.4 percent initially on London's International Petroleum Exchange before gaining ground to close down about 2 percent on the day.
Lower prices could bolster the arguments of OPEC members who say the oil supply has been adequate but crude prices have been inflated by a "war premium" of $2 to $4 per barrel on concern the United States might soon invade Iraq in an attempt to topple President Saddam Hussein.
OPEC's key player, Saudi Arabia, has not committed itself to raising output or holding steady when the group meets here Thursday. Saudi oil minister Ali Naimi is due into Osaka on Wednesday.
The United States and other large oil importers have been alarmed by prices that hovered near $30 per barrel, which some worry could harm chances for economic recovery. OPEC has been divided about whether now is the time to pump more.