Crude Futures Ease on Opec Pledges to Meet Any Supply Shortfall.

Oil Daily, The, March, 2003

Oil prices on both sides of the Atlantic eased again Tuesday as Opec ministers pledged to meet any supply shortfall and a vote at the United Nations was delayed.

On the New York Mercantile Exchange (Nymex), light, sweet crude shed 55cents to close at $36.72 per barrel, up from its intra-day low of $36.33/bbl. Crude prices have fallen more than $1 since Friday. Nymex products also suffered a strong sell-off on Tuesday due to warmer weather forecasts (see table).

But, despite the sell-off, "$37 [per barrel] crude is still not a bargain," said Steve Bellino, trader at Fimat USA.

On the International Petroleum Exchange in London, Brent closed 40cents weaker to $33.29/bbl.

At their meeting in Vienna, Opec ministers agreed to leave output...