OGJ Newsletter

09/25/2000
Market MovementOPEC hike unlikely to correct oil prices buoyed by hype Click here to enlarge imageDespite few changes in market fundamentals since early August lows, oil prices have increased $7-8/bbl, and OPEC's recently proposed output hike has not eased market jitters, says Purvin & Gertz."Market psychology is a more prominent feature in today's market than we have seen in years," the analyst said. "Prices have oscillated over a $10/bbl range for short periods twice this year already, with little or no perceptible change in real fundamentals."Purvin & Gertz contends there is adequate crude in the market."Most of the hype that is agitating the market is simply false. We believe...
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