Oil prices fall below $97
Saturday, 24 November 2007
LONDON, Nov 23(AP): Oil prices fell Friday as the market turned its attention to OPEC for signals of a production increase that might ease record prices.
Trading volumes were also thin due to the U.S. Thanksgiving festivities and a public holiday Friday in Japan. Electronic trading was not affected.
Light, sweet crude for January delivery lost 62 cents to $96.67 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract rose as high as $97.64 earlier in the day before retreating.
January Brent crude fell 41 cents to $94.09 a barrel on the ICE Futures exchange in London.
The Organization of Petroleum Exporting Countries' next policy meeting is set for Dec. 5 in Abu Dhabi in the United Arab Emirates. Cartel officials have resisted pressure to increase oil production to ease prices that have soared about 60 percent this year.
"One of the key things on the near-term horizon is the OPEC conference, where they have indicated they (the leaders) will be discussing or considering OPEC production levels," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.
"Between now and then the markets will just be paying very close attention to statements by OPEC officials as they try to get some feel for what they may or may not do at that meeting," Moore said.
Trading volumes were also thin due to the U.S. Thanksgiving festivities and a public holiday Friday in Japan. Electronic trading was not affected.
Light, sweet crude for January delivery lost 62 cents to $96.67 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract rose as high as $97.64 earlier in the day before retreating.
January Brent crude fell 41 cents to $94.09 a barrel on the ICE Futures exchange in London.
The Organization of Petroleum Exporting Countries' next policy meeting is set for Dec. 5 in Abu Dhabi in the United Arab Emirates. Cartel officials have resisted pressure to increase oil production to ease prices that have soared about 60 percent this year.
"One of the key things on the near-term horizon is the OPEC conference, where they have indicated they (the leaders) will be discussing or considering OPEC production levels," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.
"Between now and then the markets will just be paying very close attention to statements by OPEC officials as they try to get some feel for what they may or may not do at that meeting," Moore said.