OGJ Newsletter

Click here to enlarge imageThe elation that followed the September OPEC meeting-a result of OPEC's assurances that oil markets would not soon be laden with excess supplies-was short-lived.As OGJ went to press, oil prices were continuing a decline that had lasted more than 3 days. In London trading on Oct. 6, Brent for November delivery closed at $22.76, down 17¢/bbl on the day and a fall of 91¢/bbl from the Oct. 1 closing price. NYMEX crude was trading at $22.68/bbl at mid-morning Oct. 7, a 15¢ decline from the opening price and down $1.86 from Friday's close.The price decline was linked, at least in part, to the Oct. 4 passage of a UN resolution increasing the do...

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