Commodities : Friday, Dec. 19, 1986 : Oil Futures Trading Heavy

Energy futures traded heavily again Friday, posting their second most active day ever as traders attempted to keep a jump ahead of the latest signs of progress from OPEC’s conference on production cuts.

In some other markets, hog futures were lower while other livestock were mixed and the December wheat contract plunged 17 cents a bushel on its expiration.

Crude oil traded on both sides of the previous day’s close and at one point was up about 60 cents a barrel. By day’s end prices had settled back close to where they were the day before.

“The market is very, very jittery, just waiting for OPEC,” said John Hill, an analyst in New York with Merrill Lynch Futures.

While the market was open, the cartel met again Friday in Geneva amid reports that a final agreement was close on a plan to cut production in order to boost oil prices.

“Floor traders don’t want to be holding contracts over the weekend” when action, or inaction, by OPEC could leave them vulnerable, Hill said. “They believe there will be an agreement and when it comes through the market will trade higher. But they (OPEC ministers) are taking their time doing it.”