OGJ Newsletter

Market MovementCrude futures prices trend downwardAfter falling in the wake of the Organization of Petroleum Exporting Countries' June 3 decision to increase its oil production quotas, futures prices for crude and petroleum products fluctuated June 7-9 under the influence of other market factors.Fears of terrorist strikes in the Middle East and news of refinery problems propelled energy futures prices upward June 7, with some traders predicting that prices would remain at or above $30/bbl for the remainder of the year.Yet energy futures prices dropped June 8 by large margins, wiping out gains from the previous session. Reports of overproduction by OPEC in May spurred expectations that...

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