Oil Prices To Remain At Current Levels: Bankers
Monday, November 08, 1999
Central bankers meeting at the Bank for International Settlements reportedly expect world oil prices to remain around current levels, starting that higher prices are not in producers' interests. Oil prices, which had doubled since producers inside and outside the Organization of Petroleum Exporting Countries agreed in March to cut two million barrels from daily output, came under selling pressure in recent weeks on perceptions that some producers were easing restraints.
Benchmark Brent futures hit their highest level in three years in September, at $24.30. Brent for December delivery was trading around $22.73 on Monday.