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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who wrote (163)	10/24/2000 4:33:23 PM
From: tradermike_1999	Read Replies (2) of 74559

Oil futures rise with Mideast Crisis Oct. 23, 2000, 10:09PM Oil contracts for December rise along with fears of Mideast war Copyright 2000 Houston Chronicle News Services NEW YORK -- Prices for crude oil futures rose more than 2 percent after Palestinian security forces said they were prepared to fight if Israel responds to a breakdown in peace talks by reoccupying parts of the West Bank. The price of a crude oil contract for December delivery rose 81 cents to $33.76 a barrel on the New York Mercantile Exchange. OPEC President Ali Rodriguez said Saturday that the group would raise production by 500,000 barrels a day if its pricing mechanism is triggered this Friday. The Organization of the Petroleum Exporting Countries, which produces about 40 percent of the world's oil, has an informal agreement to increase quotas by 500,000 barrels a day if its price benchmark stays above $28 a barrel for 20 consecutive days. The price stood at $30.57 a barrel last Friday, the 15th consecutive business day above $28 since the group last increased exports, on Oct. 1. "The increase would be automatic," Rodriguez, who is also Venezuela's oil minister, told reporters after meeting with U.S. Energy Secretary Bill Richardson. In London, Brent crude oil for December rose 47 cents to $32.09 a barrel on the International Petroleum Exchange. In New York, heating oil futures for November delivery surged 2.79 cents to 99.90 cents a gallon. November unleaded gasoline gained 1.37 cent to 97.21 cents a gallon. Natural gas was up 13.5 cents to $5.072 per thousand cubic feet. chron.com

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