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Nauman Barakat News

20 Nov 2000

Iraq

Iraq has set the stage for enough snags in its oil-for-food export program to keep overheated oil markets nervous about possible export disruptions until mid-January, oil traders and analysts said, Reuters reported. Yet weary of false alarms on Iraqi supply, traders say they will now need to see real evidence of a halt to Iraqi supplies before they believe it. "The market has already priced in a chance that Iraq will suspend oil exports. In order to drive the prices noticeably higher, we now need to see some specific actions," said Timothy Evans, analyst with IFR-Pegasus in New York. "We've been down this route before. The market has got a bit desensitized on Iraq. We're waiting for something to really happen," said Nauman Barakat of ABN Amro bank. Iraq is using the window between the U.S.

18 Jan 2001

Bush Comments Buoy Oil Markets

U.S. oil prices rose Thursday as traders jumped at buying opportunities after OPEC's agreement on production cuts sent prices falling Wednesday. Crude oil for February delivery traded up 28 cents at $29.88 per barrel early Thursday afternoon on the New York Mercantile Exchange (NYMEX). "There's a feeling that perhaps we've run the course of the down side and the market could start making a move up, at least for the short term," said Nauman Barakat, vice president of energy futures trading at ABN Amro in New York. NYMEX crude ended 69 cents lower at $29.60 per barrel Wednesday, after moving down more than a dollar as traders pocketed profits.

18 Jan 2001

Bush Comments Buoy Oil Markets

U.S. oil prices rose Thursday as traders jumped at buying opportunities after OPEC's agreement on production cuts sent prices falling Wednesday. Crude oil for February delivery traded up 28 cents at $29.88 per barrel early Thursday afternoon on the New York Mercantile Exchange (NYMEX). "There's a feeling that perhaps we've run the course of the down side and the market could start making a move up, at least for the short term," said Nauman Barakat, vice president of energy futures trading at ABN Amro in New York. NYMEX crude ended 69 cents lower at $29.60 per barrel Wednesday, after moving down more than a dollar as traders pocketed profits.

27 Aug 1999

Oil Price Drops As Speculators Jump

Euphoria surrounding the soaring price per barrel of oil soured a bit last week, as world oil markets took a nosedive as speculators apparently decided the rally which doubled prices since March had gone far enough. London benchmark Brent blend futures dipped $0.61 cents to $20.02 a barrel in late trading after overnight U.S. data indicated slower than expected demand growth for gasoline in the world's biggest oil consuming nation. Weekly government data showed U.S. gasoline inventories rose in the week to August 20 when dealers were expecting a large decline. "Gasoline supplies appear plentiful," said Prudential Bache broker Nauman Barakat. Traders said the investment hedge funds which have led this year's price rise, in the wake of OPEC supply cuts, sold heavily on Thursday.

29 Nov 1999

Oil Prices At Nine-Year High As Iraq Suspends Exports

Oil prices rocketed to a new nine-year high Nov. 22 after Iraq suspended oil exports under its humanitarian exchange program with the United Nations. London January Brent futures opened at $25.90, the highest oil price since January 1991 when allied forces were preparing to eject Iraqi troops from Kuwait. Prices leapt as Iraq's Oil Minister Amir Mohammed Rasheed confirmed that Iraq had stopped oil deliveries under the latest six-month phase of its oil-for-food exchange with the UN. Baghdad protested the UN's proposal to extend by two weeks the sixth phase of the program and accused the United States of trying to push other Security Council members into accepting a draft resolution on weapons inspections.