Commodities : Monday, Jan. 27, 1986 : Oil Futures Sharply Higher
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Petroleum futures prices were sharply higher Monday, rebounding from dramatic declines of the past two weeks.
Some contracts for crude oil advanced by the $1-a-barrel limit for daily trading on the New York Mercantile Exchange. Most heating oil and leaded gasoline contracts settled the limit 2 cents a gallon higher.
The nearby delivery months for oil products, for which there are no limits, settled even higher.
“We were long overdue for a rally,” said Peter Beutel, an analyst in New York with Rudolf Wolff Energy.
He said a number of factors influenced the rebound.
Among these, he said, are the colder weather in Northern states, reports of a meeting coming up between Mexico and Venezuela, statements from Iran and Egypt that they plan on cutting crude oil production and a meeting next week between ministers from some of the member nations of the Organization of Petroleum Exporting Countries.
Further, he said there was a report of an emergency meeting next month of OPEC ministers to set a new production ceiling for the cartel.
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