Tuesday, June 24, 1986 : Crude Oil Futures Prices Off
Futures prices for crude oil fell Tuesday after OPEC ministers failed to agree on ways to end the oil price slump. “The market was down substantially today with the negative undertone coming out of Yugolslavia,” said Nuaman Barakat, a petroleum analyst in New York with Smith Barney, Harris Upham & Co.
The Organization of Petroleum Exporting Countries opens its summer conference Wednesday at Brioni, Yugoslavia, although ministers have been meeting informally since Monday. Other petroleum prices were mixed in uncertainity over the weekly report from the American Petroleum Institute, analysts said.
API figures, released after the close of trading Tuesday, showed U.S. supplies of gasoline and crude oil stocks increased at a much slower pace than anticipated, which should support prices, said Richard Redoglia, an energy specialist in New York with Merrill Lynch Commodities.
Charles T. Maxwell, senior energy strategist in New York for Cyrus J. Lawrence Inc., called the report “modestly bullish.”
Crude oil settled 2 cents to 12 cents lower, with the contract for delivery in August at $12.88 a barrel, and heating oil was 0.25 cent lower to 0.15 cent higher, with July at 36.73 cents a gallon.
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