Crude Futures Surge on Expectation of Possible Opec Cutback

Oil Daily, The, April, 2003 by Emily Rehring

Oil prices surged on Tuesday -- topping $29 in New York -- on the possibility of a production cut at Opec's emergency meeting next week.

In New York, front-month crude for May delivery topped $29 - - hitting an intra-day high of $29.44 -- before falling to close at $29.29 per barrel, up 66cents for the day. On its last day as the front-month contract May Brent went off the board at $25.20/bbl, up 21cents for the day. June Brent, which begins as the front-month contract on Wednesday, closed at $25.16/bbl.

Opec officials confirmed Tuesday that the producers' group will meet next week to discuss the current market situation, including production levels and the return of Iraqi barrels to the market (see story,p1).

"Of course, like everything else in...