OGJ Newsletter

11/22/1999
Crude oil prices have rocketed to 3-year highs as OPEC solidarity holds fast and global stocks dwindle apace. Click here to enlarge imageThe price of Brent crude surpassed $25/bbl on speculation that companies would soon hit minimum stock levels. At close of London trading Nov. 15, dated Brent stood at $25.94/bbl, while December Brent hit $24.96/bbl. The surge was attributed to OPEC calls to maintain cutback pledges beyond March. However, by closing Nov. 16, dated Brent had fallen to $24.86/bbl and January-delivery Brent opened at $24.50, as news spread of a hike in October total OPEC output.Another price surge came Nov. 17, when NYMEX December crude shot up 90London's Centre for Glob...
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