Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Gary M. Reed who wrote (72456)	9/6/2000 4:22:55 PM
From: Jon Cave	Read Replies (1) of 95453

NYMEX crude futures breaks $35/bbl, highest since Nov 1990 NYMEX crude futures breaks $35/bbl, highest since Nov 1990 NEW YORK, Sept 6 (Reuters) - U.S. crude oil futures topped $35 a barrel on Wednesday for the first time since the Gulf War, as traders bet that this Sunday's OPEC meeting would not produce enough of a supply increase to calm heated markets. October crude oil futures on the New York Mercantile Exchange (NYMEX) jumped to a peak of $35.07 a barrel in afterhours electronic ACCESS trade, having earlier hit a 10-year regular session peak of $34.95. The new decade-record price came just days before OPEC's September 10 meeting in Vienna where the cartel will decide how much it will boost production to temper oil prices. U.S. crude stocks have been hovering at 24-year lows, deepening fears that an early cold snap this winter could even send prices to Gulf War levels above $40 a barrel.

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