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Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u Mar 5, 2008 6:02 AM Flag

    the crude oil market is not the driving force right now.''

    the crude oil market is not the driving force right now.''

    Crude Oil Rises as Ministers Say OPEC Will Maintain Production

    By Grant Smith

    March 5 (Bloomberg) -- Crude oil rose near in New York as 10 of 13 OPEC ministers said the group will probably keep output steady at a meeting today.

    Nine representatives including ministers from Iran, Venezuela and Algeria have told Bloomberg that the Organization of Petroleum Exporting Countries will hold output steady. Saudi Arabian Oil Minister Ali al-Naimi, who sets policy in the world's largest exporter, told al-Hayat newspaper that a change isn't justified because supply and demand is stable.

    ``It looks to be a done deal,'' said Johannes Benigni, managing director of Vienna-based JBC Energy. ``If they increase oil production, it won't change anything because the crude oil market is not the driving force right now.''

    Crude oil for April delivery rose as much as $1.35, or 1.4 percent, to $100.87 a barrel, in electronic trading on the New York Mercantile Exchange. It was at $100.39 at 10:48 a.m. London time. Futures have jumped 67 percent in the past year.

    Yesterday, futures dropped $2.93, or 2.9 percent, to settle at $99.52 a barrel, the biggest one-day decline since Feb. 1. Prices surged to $103.95 a barrel on March 3, the highest since trading on the New York exchange began in 1983.

    Brent crude for April settlement was at $98.26 a barrel, up 74 cents, on London's ICE Futures Europe exchange at 10:49 a.m. in London. The contract yesterday slumped $2.96, or 3 percent, the steepest decline since Feb. 1.

97.12+0.51(+0.53%)Sep 19 4:00 PMEDT

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