Commodities : Crude Oil Futures Rise
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Iraqi claims that it had inflicted severe damage at Iran’s major oil loading terminal in the Persian Gulf prompted a sharp rally Friday in crude oil futures at the New York Mercantile Exchange.
The reports weren’t officially confirmed, but the Iraqi government said its jets raided Iran’s Kharg Island oil terminal, inflicting severe damage and setting two ships afire. Shipping sources said it was too early to tell if the terminal had been forced out of operation.
Ritterbusch said the earthquake in Mexico also provided support, as damage there could disrupt shipments of oil from that country.
Orange juice prices rallied on the Cotton Exchange in New York. Diane Viggiano, a commodity research analyst in New York with Shearson Lehman Bros., said the rally was triggered partly by the order in Florida to shut down orange tree nurseries because of citrus canker.
Grain and soybean futures prices were mostly lower on the Chicago Broad of Trade.
Cattle prices were mostly higher and live hogs and frozen pork bellies were mostly lower on the Chicago Mercantile Exchange.
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