IPE trade hits new high as prices recover

Daily trading volumes on London's International Petroleum Exchange (IPE) have hit a new high, just ahead of a surprise boost in crude oil prices. IPE said 105,270 lots of Brent crude oil futures contracts changed hands Jan. 6, equivalent to more than 105 million bbl of oil and surpassing the previous record set on July 16, 1998, of l03,038 lots. The high trading volume is seen as a result of market oversupply and market uncertainty. The IPE said 1998 was a "tremendous" year, and it expects volumes will be even higher in 1999. Meanwhile, London's Centre for Global Energy Studies (CGES) said that, while the East Asian economic collapse slashed 1.2 million b/d from e...

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