Another dollar off oil
NZPA-Reuter New York Oil prices in jittery markets dropped more than SUSI on Monday after Britain said it would not hold down its oil output. The selling pressure on the New York Mercantile Exchange sent crude oil futures contracts down more than a dollar from Friday’s close to $U516.78. Traders said the market was depressed after the British Energy Minister, Mr Peter Walker, told his Mexican counterpart, Mr Francisco Labastida, that the British Government would take no action to cut North Sea oil output. Analysts said the market’s sudden tumble, after rebounding last week, was another sign that prices were unlikely to stabilise until there was proof that worldwide production levels would be cut.
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Press, 12 February 1986, Page 38
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118Another dollar off oil Press, 12 February 1986, Page 38
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