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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: isopatch who wrote (74922)9/27/2000 10:55:52 PM
From: Tomas  Read Replies (1) of 95453
 
J.P. Morgan Says Oil Prices Will Reach $34 Per Barrel
The Korea Herald, September 28

J.P. Morgan has forecast that international crude oil prices will reach $34 per barrel in the fourth quarter due to an early boom in the purchase of heating oil.

In a recent report, the U.S. investment bank also said that limitations to oil refining and shipping would also make oil prices remain high.

However, the level of crude oil prices will depend on the release of U.S. strategic oil reserves and the weather this winter.

For the whole of this year, international prices of West Texas Intermediate crude oil will average $30.8 per barrel, J.P. Morgan projected.

After reaching a peak in the fourth quarter, crude oil prices will fall to $29 per barrel in the first quarter of next year and to $25 per barrel in the fourth quarter, averaging $27 per barrel for the entire year.
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