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Global oil prices jumped higher after a new UN resolution against Iraq was followed by interpretation and pronouncements by U.S. President George W. Bush. Recovering from recent five-month lows, Brent crude futures rose back above $24/bbl. Similarly, U.S. crude futures topped $26/bbl in what some analysts predicted could be a prolonged spike upward, given new geopolitical realities. On Nov. 8, the UN Security Council unanimously approved a resolution giving Iraq a final chance to eliminate its weapons of mass destruction or face “serious consequences.” Many oil traders said that they believe the resolution is a blueprint for war, rather than a measure designed for disarmament. Bush did nothing to dissuade observers from that conclusion. “His (Iraqi President Saddam Hussein’s) cooperation must be prompt and unconditional, or he will face the severest consequences,” said Bush. “Iraq must now, without delay or negotiations, fully disarm.”
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