Commodities : Friday, Oct. 4, 1985 : Oil Futures Prices Lower

Petroleum futures were lower on the New York Mercantile Exchange as the market shrugged off the latest OPEC session.

Prices fell sharply in early trading but later rebounded and finished with only moderately lower for the day.

The price movements occurred as a two-day OPEC conference broke up in disarray with Ecuador considering dropping out and Saudi Arabia formally surrendering its role as mainstay of the group’s price structure. Ed Dellamonte, a petroleum analyst in New York with Prudential-Bache Securities, said the setback Friday, however, appeared to be a technical reaction after the long climb in prices. Analysts said the factors that led to a 10-week rally continue to underpin the market, as Iran continues to have exporting difficulties because of its war with Iraq and supplies of heating oil are extremely tight.

Crude oil settled 31 cents to 44 cents lower with the contract for delivery in November at $29 a barrel; heating oil settled 0.27 cent to 0.60 cent lower with November at 83.22 cents a gallon.

Grain and soybean futures prices were mostly lower in light trading on the Chicago Board of Trade.

Livestock and meat prices were mixed on the Chicago Mercantile Exchange.