OGJ Newsletter

10/18/2004
Market MovementCrude futures prices remain highBenchmark US crude futures prices fell Oct. 12 as traders took profits after six consecutive sessions of record highs but bounced back to near-record levels in the next trading session, following an explosion of a Mexican oil pipeline, a fire on a Nigerian pipeline, and prospects of labor problems that could disrupt Nigerian production.The November contract for benchmark US crudes finished Oct. 11 at $53.64/bbl, up 33¢ for the day on the New York Mercantile Exchange after hitting a new peak of $53.80/bbl in that session. That contract continued to climb to a new high of $54.45/bbl Oct. 12 before closing at $52.51/bbl, down $1.13 for the ...
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