Crude oil prices at New York fell after concerns over disruption in Iraqi oil supply due to a pipeline fire in the southern city of Basra ceased. Crude oil for May delivery fell 1.4 percent by as much as $1.50 to $106.08 a barrel, and traded at $106.66. Iraqi Prime Minister Nuri al-Maliki on his part pledged to continue the crackdown on Shiite militias in Basra1. Oil had gained 1.6 percent on March 27 on account of the blast on the Zubair-1 pipeline. According to an official in Baghdad, the fire at the pipeline was put out before midday local time the same day and the damage was being assessed

• 1. Grant Smith and Nesa Subrahmaniyan, “Crude Oil Falls as Concern Eases Over Iraq Supply Disruptions,” Bloomberg News, March 28, 2008, at http://www.bloomberg.com/apps/news?pid=20601085&sid=aeMOnLhBDlWg&refer=e...