Tags: Economy | Brings | Out | Bears | Oil | Markets

Economy Brings Out Bears in Oil Markets

Monday, 24 September 2001 12:00 AM

November crude futures on the New York Mercantile Exchange closed at $22.01 per barrel, off a hefty $3.96 and the lowest front-month settlement since 1999 and biggest single-day drop since the end of the Gulf War; London's International Petroleum Exchange had led the retreat earlier in the day with a $3.74 decline in its benchmark Brent crude price to $21.70 per barrel, its lowest level in 17 months.

The spike in crude prices immediately following the Sept. 11 terrorist attacks on the United States has been wiped out by both assurances that Persian Gulf exports were out of harm's way, and by signals from the OPEC nations that crude production would not be cut back when the cartel meets later this week in Vienna.

At the same time, traders have reportedly become more convinced that the United States and much of the rest of the industrialized world was tumbling into a recession that was aggravated by a dramatic drop in air travel following the deadly raids on New York and Washington.

NYMEX gasoline futures that had been bumping along at a fairly steady level since last May, posted sizable declines with October dipping 8.5 cents to 63.60 cents per gallon; November off 8.6 cents at 62.68 cents, and December down 6 cents at 65.01 cents.

Heating oil, which is similar in formulation to jet fuel, was also down by 9.8 cents at 61.06 cents per gallon.

Cash prices paid for deliveries of physical fuels ran slightly below the NYMEX levels Monday and were several cents below the prices traded on Friday.

Copyright 2001 by United Press International. All rights reserved.

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November crude futures on the New York Mercantile Exchange closed at $22.01 per barrel, off a hefty $3.96 and the lowest front-month settlement since 1999 and biggest single-day drop since the end of the Gulf War; London's International Petroleum Exchange had led the...
Economy,Brings,Out,Bears,Oil,Markets
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2001-00-24
Monday, 24 September 2001 12:00 AM
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