Oil price climb continues after OPEC agreement

04/05/1999
Oil prices have continued to climb following the production-cutting deal by the Organization of Petroleum Exporting Countries (OPEC) and certain key non-OPEC exporters. Yet a price rise of more than $4/bbl in the past month appears to be based more on anticipation that the promised cuts will appear than on experience of past OPEC performance, although there is growing evidence of a recent hike in oil demand. At close of trading in London on Mar. 29, dated Brent crude was priced at $14.46/bbl while Brent crude for May delivery was $14.56/bbl, rising to $14.81 May 30. During the week since the OPEC meeting, the gap between prompt and May prices shrank. In the U.S., prices c...
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