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  • oilgas66 oilgas66 Jun 5, 1998 8:17 AM Flag

    API - June 3rd - News

    Reuters North American
    Securities<Picture>Wednesday, June 03, 1998
    7:46PM
    ------------------------------------------------------------------------
    LOS ANGELES, June 3 (Reuters) via NewsEdge
    Corporation - U.S. crude oil futures rose in heavy trading on
    the ACCESS market Wednesday, with traders citing
    reports that major producers might consider further cuts.


    July crude oil rose 29 cents a barrel on ACCESS by
    1630 PDT. Trading was heavy at nearly 2,500 lots, with
    about 1,751 lots exchanged for the July contract,
    traders said. Crude fell three cents a barrel in daytime
    trade.

    Oil market players have assumed that OPEC
    will contrive further cuts of 500,000 barrels per day
    (bpd) in June, adding to some 1.5 million bpd of cuts
    agreed to in a March pact among leading producers.


    In addition, Venezuelan Energy Minister Edwin
    Arrieta has previously said he might visit Mexico and
    Norway ahead of an OPEC meeting in late June.


    Prices have been under pressure since the American
    Petroleum Institute (API) reported that U.S. supplies of
    crude oil rose 1.8 million barrels for the week ended
    May 29.

    July unleaded gasoline rose 0.65 cent
    a gallon on ACCESS to 50.40 cents. Volume was more
    than 300 lots by 1630 PDT on ACCESS, with roughly 58
    lots traded for July.

    Heating oil for July
    traded at 39.60 cents a gallon, or 0.88 cent more than
    settlement, traders said, with over 172 lots traded in July.

 
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