OGJ Newsletter

03/22/1999
U.S. INDUSTRY SCOREBOARD 3/22 [142,813 bytes] Oil markets are reacting positively to the news that key producing countries have agreed to further production cuts ahead of this week's OPEC meeting in Vienna (see story, p. 34). In London trading on Mar. 17, the price of May-delivery Brent crude rose to $13.32/bbl and dated Brent to $13.02/bbl, following reports that U.S. inventories were falling and that Saudi Arabia had begun informing customers of cuts in April deliveries. By presstime, May Brent had reached $13.53, the highest price since October. Observers agree, however, that complacency in response to the price rise is dangerous, and that much...
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