PRICES UP, BUT MARKET SKEPTICAL ON OPEC CUTS

Roger Vielvoye International Editor Crude oil prices began recovering last week following the Organization of Petroleum Exporting Countries agreement to cut output by 1.445 million b/d. OPEC vowed to implement the cuts at the wellhead rather than in sales in a bid to have an early effect on the market, but crude traders were skeptical about the desired result. North Sea Brent blend for June delivery, which fell to $16/bbl immediately after the meeting from $17.45/bbl, recovered to $17.10/bbl

May 14th, 1990
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