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Article: News of Producer Meeting Sparks 50 cents Jump in Crude Prices.
- Article from:
- The Oil Daily
- Article date:
- December 15, 1998
CopyrightCOPYRIGHT 1998 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Crude oil prices shot up 50 cents/bbl in New York on Monday, as Saudi Arabia, Venezuela and Mexico agreed to meet Thursday to discuss oil prices (see story, p.1).
With traders hoping the three might take action to boost prices, short-covering sent January light, sweet crude to a $11.29/bbl close.
A bullish statement could push prices as high as $12.50/bbl, said Refco Inc. Vice President Victor Yu.
But the market's reaction will depend on the strength of any agreement, he noted.
There could be disappointment if the meeting results in a declaration similar to the Gulf Cooperation Council agreement last week extending existing cuts.
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