OGJ Newsletter

10/18/1999
Click here to enlarge imageOil markets are returning to normal following the unsustainable highs that held them aloft during the first few days after OPEC's September meeting. The readjustment is being driven by reports of reduced OPEC compliance with pledged output cuts and increased Iraqi oil production.Oil prices fell during the first week of October, reaching a low on Oct. 8, when Brent crude for November delivery was trading at $20.70/bbl. By Oct. 13, the November Brent price had rebounded to $22.22/bbl. In New York markets the same day, NYMEX crude closed at $23.06/bbl."The psychology finally gave way to reality last week, as WTI spot crude oil prices dropped nearly 15%ellipse...
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