Oil Prices Hover Near Record Peak
Crude oil prices hovered near their record levels today in the absence of fresh news from the Middle East to prompt another price surge on well-stocked world markets.
Traders, who Thursday pushed oil prices up to record highs in nervous sessions dominated by war rumors, cautiously limited their buying, keeping prices at an apparent holding level just below their peak.
On the New York Mercantile Exchange, the benchmark West Texas Intermediate crude for November delivery found strength near its record closing level of $39.54 a barrel, established Thursday. From the opening bell, the key U.S. crude traded mostly a few cents above or below its record level, an indication the market was satisfied with its present strength.
By early afternoon, the WTI’s high for the day was at $39.95, somewhat below the high recorded during Thursday’s session at $40.10 a barrel.
“The market is steady and rather quiet in the absence of news from the Middle East, and traders have little inclinations to establish fresh positions,” said Steve Platt, senior energy analyst with Dean Witter Reynolds Inc. in Chicago. “People are nervous about the recent volatility, and for now, they want to stay on the sidelines.”
On the Merc, refined oil products were finding new strength and were quoted at midday between one and two cents above their closing levels of Thursday.
On the European spot market, where crude is bought and sold for cash, Britain’s widely traded North Sea Brent retreated slightly from its $41-a-barrel high Thursday and was quoted at midday at $40.80 a barrel.
