Futures Little-Changed as Possible Opec Cut Offsets Higher Import

Oil Daily, The, April, 2003 by Karen Matusic

Oil prices ended volatile trading on Tuesday little-changed as traders were torn between the prospect of an Opec production cut and expectations that weekly inventory data will show that US oil supplies are on the rise.

Light, sweet crude futures on the New York Mercantile Exchange closed up 4cents per barrel at $28/bbl. Crude futures had closed lower on four of the previous five trading sessions amid signs that the US-led war in Iraq would soon be over and rising supplies of crude at a time that demand takes a seasonal fall.

In an attempt to stop the sharp decline in the price for its oil -- the Opec basket price have lost nearly a fifth in value since early march -- Opec members are to meet on Apr. 24 in emergency session.

Opec insiders say a cut...