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From our daily One Page Annotated WSJ summary:

Crude Rallies After Fall Below $60 Fails to Stick

Summary: November crude contracts closed at $61.45/barrel yesterday, after dropping below $60 during intraday trading (Intraday prices fell after BP (NYSE:BP) announced that it will increase production at its Prudhoe Bay’s oil field.). OPEC recently agreed to leave its maximum output at 28mm barrels/day, but said that they would "respond rapidly to any developments which might jeopardize their interests." Analysts interpret that statement as a threat from OPEC to cut production if oil falls below the $55-$60 range. In other commodity markets, sugar futures hit a 13 month low, natural gas fell to their lowest price in almost three years and coffee bucked the trend, closing at its highest level in the past two and a half weeks.
Related links: Full WSJ articleThe Significance of Oil's Drop Under $60Oil vs. Dow: 1987 Deja Vu All Over Again?OPEC: Lemonade CartelCommodities' Downward Trend: Beginning of the End, or Merely a Speed Bump?

More commentary: Some oil majors: Chevron Corp. (NYSE:CVX), ExxonMobil Corp. (NYSE:XOM), Royal Dutch Shell (NYSE:RDS.A), Total S.A. (NYSE:TOT), EnCana Corp. (NYSE:ECA). ETF: Oil Service HOLDRs ETF (NYSEARCA:OIH)

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Source: OPEC Keeping Its Eye on Prices