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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 (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. (CVX), ExxonMobil Corp. (XOM), Royal Dutch Shell (RDS.A), Total S.A. (TOT), EnCana Corp. (ECA). ETF: Oil Service HOLDRs ETF (OIH)

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Source: OPEC Keeping Its Eye on Prices