Commodities for Friday, May 31, 1985 : Petroleum Prices Mixed
Petroleum futures prices were mixed Friday on the New York Mercantile Exchange, as traders kept an eye on conflicting developments.
A report that Iraq bombed the oil refinery and loading terminal on Kharg Island, Iran’s chief oil port, caused some nervousness in the market, said Nauman Barakat, a petroleum analyst in New York with Smith Barney, Harris Upham & Co.
The damage apparently was minimal, but Iraq’s ability to strike the terminal caused worry that supply lines could be interrupted, Barakat said.
Reports that Britain and the Soviet Union might lower their prices for crude oil kept prices from advancing, Barakat said.
Leaded gasoline futures were sharply lower, and Barakat said much of the selling appeared to be profit taking by traders who had bought contracts earlier in the week.
Livestock prices were mixed and frozen pork bellies were higher on the Chicago Mercantile Exchange.
Cattle prices continued to fall under pressure of weak demand and excess supplies, said Phil Stanley, a livestock analyst in Chicago with Thomson McKinnon Securities.