Newspaper article THE JOURNAL RECORD

Supply Problems Elevate Spot, Futures Oil Prices

Newspaper article THE JOURNAL RECORD

Supply Problems Elevate Spot, Futures Oil Prices

Article excerpt

Supply problems both real and anticipated pushed up crude oil prices Tuesday and the rest of the market followed.

On the spot market, prices were raised 50 cents a barrel Tuesday by Kerr-McGee Refining Corp., Sun Co., Koch Oil Co., Phillips 66 Co. and Total Petroleum Inc. increasing Oklahoma Sweet and West Texas Intermediate to $13.25 per barrel. Kerr-McGee priced Central Oklahoma Sweet at $13.50 a barrel and Oklahoma Sour at $11.65 a barrel. Sun, Koch and Total posted prices of $11.40 per barrel for Oklahoma Sour.

The energy market was helped higher by April plans for fewer North Sea crude cargoes and expectations of tighter U.S. supplies. Prices for refined products like heating oil and gasoline were also higher.

"Crude was the strength of the market here," said Victor Yu, vice president of futures at Refco Inc.

Light sweet crude oil for delivery in April settled at $14.83 per barrel, up 34 cents, on the New York Mercantile Exchange.

In London, North Sea Brent Blend crude oil for delivery in April settled at $14. …

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