Baghdad also had said it destroyed remaining stocks of its chemical and biological weapons as was required under the terms of the cease-fire that ended the Persian Gulf War in 1991.

CNN: Initial tests of Iraqi chemicals show nerve agent

Bush administration officials -- Powell among them -- argued that Iraq had harbored stockpiles of chemical and biological weapons, a hidden nuclear weapons program and long-range missiles in violation of the cease-fire that ended the Persian Gulf War in 1991.

CNN: Powell:?Troops could begin leaving?Iraq this year

Crude oil prices slashed earlier losses Thursday afternoon, following reports that Saudi police opened fire on protestors in the town of Qatif on the Persian Gulf, according to TradeTheNews.com.

FORBES: Oil Prices Jump On Reports Of Saudi Violence