OPEC quota hike fails to halt price rise

03/28/2005
Crude prices soared to new heights as traders ignored an immediate 500,000 b/d hike by the Organization of Petroleum Exporting Countries in its production quota on Mar. 16 to 27.5 million b/d, less than the group’s previously acknowledged production level of 27.7 million b/d among the 10 affected members, minus Iraq.The April contract for benchmark US sweet, light crudes jumped by $1.41 to a record front-month settlement at $56.46/bbl on the New York Mercantile Exchange. April North Sea Brent crude traded as high as $54.95/bbl prior to closing at $54.80/bbl on the International Petroleum Exchange in London. The average price for OPEC’s seven benchmark crudes set a record at $5...
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