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Commodities: Oil slips as production resumes

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Date: Monday 31 Mar 2008

LONDON (ShareCast) - Oil slipped by near $2 as oil started flowing through an Iraqi pipeline again after disruptions from a bomb attack on Thursday.

Crude for May delivery lost $1.96to settle at $105.62 a barrel on the New York Mercantile Exchange

In Iraq, supply concerns were eased when oil started to pump through the Zubair-1 pipeline in Basra, which sends oil to the country’s two exporting terminals.

Oil was also helped by the firmer dollar, which gained after US data showed inflation pressures were tame in February.

Gold also slipped back, along with other metals, from the lower oil price and the weak consumer spending results data from the Commerce Department.

The April delivery fell $17.50 to $936.50 an ounce.