Crude oil falls as OPEC boosts output

LONDON - Crude oil fell for a second day, close to its lowest level in more than two months, as traders expect more supplies from members of the Organization of Petroleum Exporting Countries will replenish global inventories. The American Petroleum Institute will issue its weekly survey of U.S. inventories after markets close Tuesday. The U.S., the world's biggest energy user, saw crude inventories falling to their lowest level in more than two decades in January. Brent crude oil for May settlement fell as much as 23 cents, or 0.9%, to $24.28 a barrel on the International Petroleum Exchange. Crude oil for May delivery on the New York Mercantile Exchange was 13 cents lower at $26.30 a barrel in electronic trading. Most OPEC members agreed last week to boost output beginning this month to curb prices that rose to a nine-year high in March. OPEC President Ali Rodriguez, who is also Venezuela's oil minister, said Monday the group will need to increase output again this year.

http://www.usatoday.com/money/world/mw1.htm#oil

-- Martin Thompson (mthom1927@aol.com), April 04, 2000