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This is an archive article published on January 17, 2003

Oil hits fresh two-year high

Oil prices shot to fresh two-year highs on Thursday after UN weapons inspector Hans Blix said he would tell Baghdad it needed to submit cred...

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Oil prices shot to fresh two-year highs on Thursday after UN weapons inspector Hans Blix said he would tell Baghdad it needed to submit credible evidence of any weapons of mass destruction or face war.

With US stocks at a 20-year low following a strike in Venezuela, Blix’s comments reinforced fears of a supply crunch if war cuts Iraqi exports with Venezuelan oil remains off the market. London Brent blend rose 48 cents to $31.70 a barrel.

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