OGJ Newsletter

05/10/2004
Market MovementTraders expect $40/bbl crudeTraders last week were predicting that crude futures prices would soon push past $40/bbl because of continued political instability and escalating violence in the Middle East. Widespread anti-US sentiment in the Middle East in the wake of reported abuse of Iraqi prisoners by US-led coalition forces fanned fears that escalating violence could threaten crude supplies from that area and helped push energy futures prices to new highs last week, analysts said.On May 3, the June contract for benchmark US sweet, light crudes jumped by 83¢ to $38.21/bbl, the highest crude settlement price on the New York Mercantile Exchange since Oct. 16, 1990. The ...
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