U.S. Oil Prices Balloon To $37

September 18, 2000

U.S. oil prices ballooned to fresh decade highs on Monday as rising tension in the Middle East put traders on red alert over possible supply disruptions from key exporter Iraq this winter. October crude on the New York Mercantile Exchange bolted to a new high of $37.15 a barrel, up more than $1.20, as concern grew that Iraq could disrupt its supplies in the run-up to November's U.S. presidential election. Traders rushed to buy after a warning from Iraqi President Saddam Hussein that fellow OPEC member states should ignore pressure mounted by "superpowers" on producers to rein in runaway prices. next year.

U.S. Oil Prices Balloon To $37

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