Sarge,
Here's another one for the biased Doomberg reporting file.
quote.bloomberg.com
This part I love ...
"This month's rally has stalled partly because traders have
little news to look forward to until May, when the first reports
on the producers' output cuts are issued."
As I type we are only .25 cents away from an 8 month spot price high.
This came out about 1/2 hour ago when Crude was up .12 cents .. I'm either looking at the wrong contract or these guys are high.
N.Y. Crude Oil Falls as Countries Seen Breaking Pledges to Cut Production
Crude Oil Falls as Exporters Seen Producing More (Update1)
(Updates prices, adds background in final 2 paragraphs.)
New York, March 25 (Bloomberg) -- Crude oil fell for a third
day amid speculation that a 25 percent rally this month will
entice producers to break commitments to cut world supply.
''The greed factor may come in immediately,'' said Chester
Irvin, a trader at ABN Amro Inc. in New York. Prices could keep
falling ''until we see whether they are sticking to their
promises.''
The Organization of Petroleum Exporting Countries, together
with other producers, agreed to cut supplies by 2.1 million
barrels a day, or 2.7 percent, adding to pledges totaling
3.2 million barrels a day last year. OPEC's compliance with
earlier cuts has been below 83 percent since December, when
prices fell to a 12-year low.
May crude oil fell as much as 20 cents, or 1.3 percent, to
$15.14 a barrel on the New York Mercantile Exchange. The contract
was recently 10 cents lower at $15.24 a barrel.
In London, May Brent fell as much as 24 cents, or 1.8
percent, to $13.44 a barrel on the International Petroleum
Exchange.
Crude oil prices in New York have surged more than 50
percent from the 12-year low of $10.35 a barrel set in December.
This month's rally has stalled partly because traders have
little news to look forward to until May, when the first reports
on the producers' output cuts are issued.
OPEC, which produces two-fifths of the world's oil, intends
to meet its latest round of cutbacks by the end of May. The cuts
start in April.
© Copyright 1999, Bloomberg L.P. All Rights Reserved
Nello
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