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Article: OIL PRICES WILL AVERAGE $18 BARREL / SAY EXXON OFFICIALS
- Article from:
- THE JOURNAL RECORD
- Article date:
- March 10, 1988
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - Oil prices will average about $18 a barrel for the
next few years despite the recent decline, say top executives of the
Exxon Corp.
Contracts for West Texas Intermediate, the U.S. benchmark crude
oil, have dropped 17.9 percent over the last four months, from
$18.87 a 42-gallon barrel on the futures market at the beginning of
December to $15.49 a barrel Wednesday, up 4 cents in trading for
April delivery on the New York Mercantile Exchange. Oil prices on
West Texas Intermediate have dropped 10.77 percent since Feb. 19.
``Oil will cycle around $18 until the early 1990s,'' Lawrence G.
Rawl, Exxon's chairman, told Wall Street analysts. ``The only thing
we don't know is ...