Nymex Crude Edges Above $20 on Reports of Opec Compliance

Oil Daily, The, January, 2002

Nymex Crude Edges Above $20 on Reports of Opec Compliance

Crude futures in New York crept above $20 per barrel on Monday, finding strength from reports of healthy Opec quota compliance so far this month.

Light, sweet March crude at the New York Mercantile Exchange (Nymex) gained 6[cent] to settle at $20.05/bbl.

At London's International Petroleum Exchange, March Brent narrowed its gap to Nymex crude by moving up 28[cent] to close at $19.65/bbl.

Opec production in January was slashed to just 550,000 barrels per day above its new ceiling of 21.7 million b/d, according to oil consulting firm Petrologistics.

Opec President Rilwanu Lukman said he expected the group's output curbs to lift prices.

"Once the cut starts to...