Bush Comments Buoy Oil Markets

Thursday, January 18, 2001
U.S. oil prices rose Thursday as traders jumped at buying opportunities after OPEC's agreement on production cuts sent prices falling Wednesday. Crude oil for February delivery traded up 28 cents at $29.88 per barrel early Thursday afternoon on the New York Mercantile Exchange (NYMEX). "There's a feeling that perhaps we've run the course of the down side and the market could start making a move up, at least for the short term," said Nauman Barakat, vice president of energy futures trading at ABN Amro in New York. NYMEX crude ended 69 cents lower at $29.60 per barrel Wednesday, after moving down more than a dollar as traders pocketed profits. Traders sold off after the Organization of Petroleum Exporting Countries decided to cut output by 1.5 million barrels a day, or more than 5 percent, beginning Feb. 1. Comments by President-elect George W. Bush in an interview with Reuters that Iraqi leader Saddam Hussein was "a big threat" that must be contained -- by military force if necessary -- also supported prices. NYMEX crude wavered early between positive and negative territory amid confusion over contradictory weekly stocks data.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Conquest Installs 850t Crane on Allseas Solitaire

Conquest Offshore was contracted by Allseas to remove a 300-ton crane and transport and install a 850-ton Huisman crane on board of one of the largest pipe-lay vessels in the world, Allseas Solitaire.

Canadian Navy Frigate Refit Program Completed

Seaspan joined Harjit S. Sajjan, Canada’s Minister of National Defense, at an official ceremony today to celebrate the completion of the Halifax-Class Modernization/Frigate

How France Sank Japan's Sub Dream

Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian

Energy

Blacklisted Tanker Returns to Libya's Zawiya Port

A tanker that Libya's rival eastern government had been using to try to export oil in defiance of the Western-backed administration in Tripoli returned to the country on Saturday,

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

Cory Brothers Opens in Amsterdam Port

Cory Brothers Shipping Agency is delighted to announce the opening of Cory Brothers (The Netherlands) BV, in the port of Amsterdam, servicing the ARA range. The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0669 sec (15 req/sec)