Newspaper article THE JOURNAL RECORD

Energy Futures Prices Decline

Newspaper article THE JOURNAL RECORD

Energy Futures Prices Decline

Article excerpt

From Staff, Wire Reports Energy futures prices fell Wednesday as profit-taking brought a recent surge to a halt at least temporarily.

The November contract for light sweet crude fell 19 cents to $23.67 a barrel on the New York Mercantile Exchange.

There were no reported price changes on the spot cash market.

Prices rallied over the past three weeks amid concerns about fuel supplies around the world. Oil production is declining in the Soviet Union, the world's largest producer, raising the possibility of exports of U.S.

oil to Europe this winter and resulting in tight supplies in this country.

Crude prices are now at levels not seen for nearly two years, excluding the wild swings that sent oil past $40 a barrel during the Persian Gulf crisis.

Jim Fiedler, an energy market analyst with E.D.&F. Man International Futures Inc., said the market was overbought and due for some profit-taking after its advance. He labeled Wednesday's decline a "bull-market correction. …

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