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Oil prices move higher
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August 28, 2000: 1:41 p.m. ET
Crude futures advance amid OPEC news; heating oil hits seven-month high
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NEW YORK (CNNfn) - Crude oil prices advanced early afternoon Monday amid news that OPEC was set to invoke its price band to raise output.
U.S. light sweet crude futures for October delivery rose 67 cents to $32.70 a barrel on the New York Mercantile Exchange (NYMEX). London's benchmark Brent for October delivery settled at $30.39, up 40 cents.
September heating oil futures also advanced on the NYMEX, reaching an intraday high of $1 a gallon, its highest level since January 31, as investors continued to express nervousness about potential winter fuel shortages.
An early statement by OPEC President Ali Rodriguez that he saw "no problem" in global crude supply, blaming the current high prices on market speculation, among other things, lifted prices higher.
On Monday, the Saudi-owned al-Hayat newspaper quoted senior cartel sources saying that the Organization of Petroleum Exporting Countries would decide at its meeting in Vienna on September 10 to release 500,000 barrels-per-day (bpd) more oil onto the marketplace.
The London-based newspaper said that the output hike would be triggered by OPEC's price band, which calls for action if the OPEC crude price averages above $28 for more than 20 working days.
The OPEC price has been above $28 since August 14. Saudi-dominated OPEC, however, has made no official statement on an output hike.
On Sunday, OPEC President Rodriguez reiterated in Mexico City that OPEC would not decide on its output until the September meeting.
Last week, oil futures hit lofty levels; uncertainty about whether OPEC will boost output and low U.S. crude oil inventories buoyed prices.
-- from staff and wire reports 
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OPEC
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