Oil Prices Up Sharply; May Ease OPEC Cuts

THE JOURNAL RECORD, February 8, 1992 | Go to article overview

Oil Prices Up Sharply; May Ease OPEC Cuts


NEW YORK _ Oil prices rose sharply Friday in a move futures traders said might ease pressure on members of Organization of Petroleum Exporting Countries to cut production at a gathering next week.

On the spot cash market, most buyers like Phillips 66 Co. raised posted prices by 25 cents a barrel, bringing Oklahoma Sweet and West Texas Intermediate to $18.50 a barrel. Oklahoma Sour was posted at $16.90 a barrel by Koch Oil Co. and Kerr-McGee Corp. Central Oklahoma Sweet was posted at $18.75 a barrel by Kerr-McGee.

Light sweet crude oil for March delivery settled at $19.87 a barrel, up 37 cents, at the New York Mercantile Exchange. For the week, crude moved ahead by 97 cents, to its highest price of the new year.

In London, North Sea Brent Blend crude oil for March delivery settled at $18.86 a barrel, up 45 cents for the day and 71 cents for the week, at the International Petroleum Exchange.

Natural gas prices were mixed on the New York Merc, with contracts for March delivery settling at $1.19 per 1,000 cubic feet, up 0.7 cents for the day and a full cent for the week.

Refined petroleum products futures also moved higher Friday.

Home heating oil for March delivery settled at 56.42 cents a gallon, up 1.17 cents for the day and 3.57 cents for the week. Unleaded gasoline for March delivery settled at 59.66 cents a gallon, up 0.51 cents for the day and 3. …

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