OGJ Newsletter

Market MovementOil futures price pushes past $50/bbl on NYMEXThreats to oil production in Nigeria and slow recovery of Gulf of Mexico production shut in by Hurricane Ivan briefly pushed benchmark US crude futures through the "psychologically important" price level of $50/bbl for the first time in late September.The November contract for benchmark US light, sweet crudes hit an all-time high of $50.47/bbl on the New York Mercantile Exchange before registering a record closing of $49.90/bbl on Sept. 28.But it pulled back to $49.51/bbl in the next session with reports of a possible cease-fire agreement between rebel and government forces in Nigeria, the fifth largest exporter of crude.The Nig...

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