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Article: Oil Prices Rise on Global Uncertainties; Analysts Cite OPEC Disunity, Events in Iran, China and Soviet Union
- Article from:
- The Washington Post
- Article date:
- June 6, 1989
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Oil prices rose yesterday in nervous trading driven by the
uncertainties over an OPEC strategy meeting, the death of Iran's
Ayatollah Ruhollah Khomeini and events in China and the Soviet Union.
On the New York Mercantile Exchange, the contract for July
delivery of West Texas intermediate, the benchmark grade of U.S.
crude oil, rose 38 cents to $20.52 a barrel, reflecting expectations
that oil prices will continue to firm. Crude prices are more than 40
percent above their levels of late last year.
Ministers of the Organization of Petroleum Exporting Countries,
meeting in Vienna, broke up their formal session yesterday without
results, then bargained privately on steps to keep oil prices ...