World oil prices continue slide
NZPA-Reuter
New York
Oil prices slid further on United States and European markets yesterday and industry sources said they still saw no bottom forming. The spot, or cash price, for crude oil dropped US3Oc (NZ56.7C) to US4OC (NZ7SC) a barrel in New York, bringing the key American grade, West Texas Intermediate, down to $U520.50 (3NZ38.86) a barrel.
Most North Sea crudes traded below SUS2O (5NZ37.80) and late in the day the key Brent grade touched new lows of 5U519.25 (5NZ36.50) for March loading and 5U519.03 ($NZ36.08) for April, traders said. It was the fifth consecutive trading day of lower spot oil prices, brought on by reports of heavy production by nations that depend on oil for
export earnings. A mild winter in some key northern hemisphere nations such as the United States is reinforcing the trend to lower prices. Contract prices that oil companies in the United States pay to producers tumbled between US75c (NZI4IC) and US2OOc (NZ379c) a barrel as firms scrambled to bring their prices into line with an everretreating spot market Crude oil futures, which tried to rally early in the day, gave up the ghost midway through the morning session Oil industry sources said the contract prices that oil companies pay domestic producers for their crude would remain soft and could even fall further even though Sun, Conoco and Diamond Shamrock have lowered prices
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Press, 24 January 1986, Page 12
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233World oil prices continue slide Press, 24 January 1986, Page 12
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