OPEC agonises amid oil-price surge

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OPEC agonises amid oil-price surge REUTERS

LONDON, May 31  Oil prices romped near 11-week highs Wednesday in an advance sure to goad angry U.S. consumers as OPEC contemplated the idea of cooling the market by lifting supply.

CRUDE PRICES WERE STOKED by a robust U.S. gasoline market and an apparent Iraqi decision to keep dealers guessing for now about possible disruption to its U.N.-monitored crude exports. Benchmark Brent crude for July was 44 cents up at $29.40 a barrel, three cents off a two-month high touched last week. In New York trading, U.S. light crude was 25 cents better at $30.60 a barrel after gasoline hit a post-Gulf War high on Tuesday.

U.S. gas prices hit all-time high

Gasoline is truly leading the way, said a trader at London broker GNI. Prices have risen by a third in two months on concerns about gasoline supply shortages in the U.S. summer driving season, boosting OPEC earnings but hitting the coffers of oil importers.

OPEC agonises amid oil-price surge

-- Ain't Gonna Happen (Not Here Not@ever.com), May 31, 2000


Gee, I guess CPR was wrong.

-- Looks like "The Shadow" don't know diddly (@ .), May 31, 2000.

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