National Linseed Oil Trust National Linseed Oil Trust The National Linseed Oil Trust of St. Louis, Missouri, was a major company trust formed in 1885 to protect linseed oil interests in the United States. Once used extensively in painting, the oil today is also commonly known as "flax seed oil". The Trust was dissolved in 1920 after the U.S. Department of Justice charged they broke the Sherman Antitrust Act. Omaha millionaire Clark Woodman was an influential director on the board. Viewed today as one of many imitators of the Standard Oil Company, the Linseed Oil Trust's peers included the Cotton Oil Trust, Lead Smeltering
World oil market chronology from 2003 two major oil suppliers reducing supply generated fears of a repeat of the 1973 oil crisis. The mid-July decision of Saudi Arabia to increase oil output caused little significant influence on prices. According to the oil minister of the Islamic Republic of Iran, Gholam-Hossein Nozari, the world markets were saturated and a Saudi promise of increased production would not lower prices. Several Asian refineries were refusing Saudi petroleum in late June because they were over priced grade. On July 3, "the Brent North Sea crude contract for August delivery rose to $US145.01 a barrel" in Asian trade. London Brent crude