Crude Oil Rises After API Reports Unexpected Inventory Drop : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

New York, May 24 (Bloomberg) -- Crude oil surged 4 percent,
the biggest gain in five weeks, after an unexpected drop in U.S.
inventories signaled strengthening demand from refiners making
gasoline for the summer driving season.

. . .

Also boosting gasoline prices were reports from traders that
Conoco Inc. closed a 27,000-barrel-a-day reformer unit at its
Ponca City, Oklahoma, refinery because of a mechanical failure.
Conoco was not available for comment.

. . .

Pressure is mounting on OPEC to again increase output when it
meets on June 21, though the organization's members say they don't
see a need for increased output and that any shortage is more to
do with refiners and a lack of refined products, rather than a
scarcity of crude oil.


-- spider (, May 25, 2000

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