Oil Prices Mixed
May. 10, 1988
NEW YORK (AP) _ Technical factors and a lack of significant market-affecting news have left oil futures prices mixed.
Crude oil futures declined Monday in quiet trading on the New York Mercantile Exchange, while gasoline futures rose and heating oil mostly was lower.
The June contract for West Texas Intermediate, the main grade of U.S. crude, settled at $17.54 per barrel, down 20 cents from Friday's close. Other contract months showed smaller losses.
June contracts for unleaded regular gasoline edged up 0.07 cent to close at 51.59 cents a gallon. June heating oil advanced 0.25 cent to 47.67 cents a gallon, but most other contract months fell.
Dealers said prices were pushed mostly by technical market factors, although nervousness regarding OPEC's scheduled June 8 meeting appeared to be a negative factor for crude prices.
The 13-nation Organization of Petroleum Exporting Countries failed to reach an agreement on cutting production among its members and in conjunction with non-OPEC producers at a recent meeting in Vienna, Austria.
''The sellers just kind of woke up,'' said Linda Simard, a futures broker for the investment firm Drexel Burnham Lambert Inc. ''There was no news that anyone was speaking about at all.''