Crude Futures Top $30 on News of Iran Seeking Opec Cut.

Oil Daily, The, April, 2003

Oil prices in New York topped $30 per barrel on Thursday, spurred by short-covering ahead of the holiday weekend and news that Iran is seeking to cut Opec's production levels at its meeting on Apr. 24.

Prompt-month crude on the New York Mercantile Exchange (Nymex) surged over the psychological barrier of $30/bbl -- hitting an intra-day high of $30.65/bbl -- before falling to end the day at $30.55/bbl, up $1.37 for the day and up $2.41 for the week. The market was closed on Friday in observance of Good Friday.

On the International Petroleum Exchange in London, June Brent closed at $25.88/bbl, up 86cents for the day. May Brent went off the board on Tuesday at $25.20/bbl.

On Thursday, Opec member Iran called on the producers' group to cut official...