OGJ NEWSLETTER

The oil price drop may have slowed for now, but the specter of another steep price slide hovers in the wings as the year winds down. In response to modest oil supply cuts announced by Iran, Nigeria, and Venezuela, oil prices again rallied last week (OGJ, Dec. 21, Newsletter). Nymex light sweet crude for next month delivery broke the $20/bbl barrier the first time this month, closing Dec. 21 at $20.04/bbl for February delivery. That's up almost $1 on the week vs. a January delivery closing.

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