A group of demostrators entered the International Petroleum Exchange (IPE) building at around 13:45 they walked through an open door onto the trading floor, blowing wistles and using an air-horn to make their presence clear. At first traders were perplexed and some started laughing at the fuss. Some decided to leave their termainals alomost imediately and take a lunch break while others, despite pleas fron the demonstrators to keep calm, started to lash out at the visitors.

One demonstrator was able to keep out of the scuffel by climbing on some boxes to get up onto a ledge directly below a large electronic display board. To the board's supporting structure the demonstartor was able to tie a banner reading "No War For Oil", but this was soon pulled down by one of the angry traders although the individual continued to use the air-horn to dirupt trading.

After a few minutes of pushing and shoving by the traders the demonstrators were one by one, focibly removed from the trading floor. The individual who had climbed on the ledge was the last to leave the trading floor, climbing down volentarily when the managing director promised to protect the individual from the remaining angry traders, who had by this point been shouting threats to the individual for some time.

As this individal left the building the police arrived with a battering ram in an attempt to remove 2 remaining demonstrators, who were blockaded in an office.

'Trading on the International Petroleum Exchange was interrupted for about two
hours on Monday after anti-war protestors broke into the IPE building near
Tower Bridge. The break-in prompted building security to evacuate the
building.'

Oil and gold slide on hopes of quick conflict
By Kevin Morrison in London
Published: March 17 2003 12:27 | Last Updated: March 17 2003 21:03

Oil and gold prices skidded on Monday as traders expected war in Iraq to start
imminently and finish within days, thereby easing the war premium built into
both commodities.

Expectations that a military conflict would begin soon followed a flurry of
political developments on Monday, with President Bush to address the US last
night after the US, the UK and Spain failed to secure a UN resolution
supporting the use of force against Iraq.

Talk of war, which could start this week, has revived traders' memories of the
1991 Gulf war when the US released oil from its Strategic Petroleum Reserve
(SPR), two days after the first bombing of Iraq began on January 16 1991.

"The market is factoring in a quick war, and that as soon as Bush pushes the
war machine button, he will also press the SPR button," said one oil analyst.

Kevin Norrish, oil analyst at Barclays Capital, said when the US released oil
from the SPR, the crude price fell from $32.50 a barrel to $20 within two days.

IPE Brent crude for May delivery fell 65 cents to $29.48 a barrel, after dipping
as low as $29 a barrel, extending Friday's $1.62 plunge for the contract, which
made its debut on Monday. The front end contract has fallen 15 per cent since
hitting a post Gulf war peak of $34.55 a barrel last week.

Trading on the International Petroleum Exchange was interrupted for about two
hours on Monday after anti-war protestors broke into the IPE building near
Tower Bridge. The break-in prompted building security to evacuate the
building.

In New York, Nymex light sweet crude for April delivery settled 41 cents
lower at $34.93 a barrel by the close , down 13 per cent from its post-Gulf
war peak of $39.99 at the end of February.

Speculative investment in oil futures was also falling, with the unwinding of long
positions by investors the main reason for the drop, according to the latest
weekly Commitment of Traders report.

Spot gold gave up a near $9 price jump on Monday. War jitters swayed the
precious metal's prices, with initial thoughts about further delay to a potential
conflict giving way to near certainty of a war with a quick resolution.

Spot gold was trading at $335.90/$336.70 a troy ounce, down from its peak
of $345 and almost even with Friday's close in New York of
$336.10/$336.90.

Gold fell during the Gulf war by $40 to $366 an ounce when the allies began to
evict Iraq from Kuwait.

CNN also carried reports on its buisness news.

our leaflet:
INTERNATIONAL PETROLEUM EXCHANGE (IPE) TARGETED BY PEOPLE AGAINST WAR

We're visiting the International Petroleum Exchange (IPE) today to highlight the intimate relationship between the rush to war on Iraq and the West's insatiable thirst for oil. The IPE is where a very small number of companies and individuals reap enormous rewards at the expense of the majority of the worlds' population who struggle to keep their head above a tide of war, climate chaos, human rights abuses and forced displacement.

Europes' largest marketplace for the buying and selling of oil and gas 'futures', the IPE is second only to New York's Nymex. It is owned by IntercontinentalExchange (ICE) whose major shareholders include BP and Shell.

In January 2003, world oil prices climbed through the ceiling as the war with Iraq loomed. During this time, the IPE traded over 3 million contracts worth US$95bn. You don't have to be a conspiracy theorist to see that the coming conflict is about controlling precious Middle Eastern oil resources. (And if you think UK oil companies are innocent bystanders, think again: the FT
recently reported that BP and Shell 'have talked with Downing Street and Whitehall officials about the commercial benefits from developing the country's huge oilfields once Saddam Hussein is toppled.')

Oil companies spend millions concealing the grubby truth about their operations. Take a look at the way they treat their own workers ( http://alaskagroupsix.org/about_us.asp), or the human rights abuses that stem from their exploration and production activities such as BP's OCENSA pipeline in Colombia (www.guardian.co.uk/Print/0,3858,4569504,00.html), or Shell's operations in the Niger Delta (www.essentialaction.org/shell/era/era.html)

Then there's the effect of sanctions and war on the people of Iraq, and the effect of catastrophic changes in the climate on the world's poorest people, as they struggle to survive floods, famine, disease and water wars. The consequences of burning fossil fuels are also being felt closer to home - floods, runaway insurance premiums, and an increase in diseases.

Oil courses through the veins of the capitalist system, turbocharging its destructive impacts. The anti-war movement is millions strong worldwide. In the UK, March 17th-23rd is a week of 'Obstruct & Resist' actions against war.

We are taking direct action to stick a well-placed spanner in the war machine and to help put the world back on course for a safe, sustainable and socially just future. Writing to our MP and marching through central London won't stop this war. We’re not here to stand in judgement over others, but the world is burning up, and we have to do something about it.

Thanks for reading…

What do you think? Email the Infernal Petroleum Experience at:  infernalpetroleum@yahoo.co.uk

…and keep taking whatever action you can to stop wars…
Interesting websites (which aren't part of this action!)
www.uk.indymedia.org
www.risingtide.org.uk
www.schnews.org.uk/diyguide/