Oil prices rise again - Oct. 9, 2000

News > International

Crude oil jumps again

October 9, 2000: 5:10 a.m. ET

Brent futures rise to $30.60, remain well above OPEC's target range

LONDON (CNNfn) - The price of oil jumped in London Monday as the commodity refused to buckle under pressure from oil producers and consumers.

Benchmark Brent crude for November delivery rose 50 cents to $30.60 in early electronic trading on the International Petroleum Exchange.

Although crude futures have declined from 10-year highs around $34 in recent weeks, increased output by the Organization of Petroleum Exporting Countries has failed to pull prices back down into the $22-$28 range that OPEC has said is its target.

Oil released from the U.S. national strategic reserve is due to come onto the market shortly. However, even that has failed to deter speculators banking on higher prices resulting from higher demand and a shortage of heating oil supplies in advance of the northern hemisphere's winter.

OPEC and key consumers such as the United States and the European Union fear that if oil prices remain high they could put a brake on global economic growth.

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