Monday March 31 2008
By Fayen Wong
PERTH, March 31 (Reuters) – Oil fell more than $1 to less than $105 a barrel on Monday, extending Friday’s decline, after the restart of a crude pipeline system in Iraq eased fears of an extended exports disruption from the country’s oil-rich south.
U.S. light crude for May delivery fell $1.04 cents to $104.58 a barrel by 0053 GMT.
The decline brings total losses since Friday to nearly $3, erasing the gains made on Thursday after the attack on the pipeline feeding the Basra export terminal interrupted flows from southern Iraq for the first time since 2004.
London Brent crude fell 55 cents to $103.22.