By the OGJ Online Staff
HOUSTON, Feb. 16�International energy futures prices continued to slump Thursday with reports that the head of the Organization of Petroleum Exporting Countries opposes additional production cuts in March.
Instead, Chakib Khelil, Algeria�s Minister of Energy and Mines and OPEC president, this week urged producers and consumers to cooperate to ensure a stable market.
The March contract for benchmark US light, sweet crudes dropped 91� to $28.80/bbl Thursday on the New York Mercantile Exchange, while the April contract lost 88� to $28.71/bbl.
Unleaded gasoline for March delivery fell 2.56� to 85.42�/gal, and home heating oil for the same month was down 1.42� to 75.69�/gal on the NYMEX.
The March natural gas contract showed a slight gain, however, up 7.6� to $5.594/Mcf.
In London, North Sea Brent crude broke through support at $27/bbl in late trading Thursday, triggering technical trading. The April Brent contract closed at $26.64/bbl, down 64� for the day after trading at $26.35-$27.18/bbl.
That market will likely try to stabilize around $26.50/bbl, analysts said.
Also on the IPE, gas fell 2.5� to the equivalent of $3.77/Mcf.
The average price for OPEC�s basket of seven crudes declined by 91� to $24.83/bbl on Thursday.