Oil prices eased in light volume trading due U.S. holiday

Resumen de Prensa            Enervía, martes, 17 febrero 2004

FUENTE: bpriskmanager


IPE Brent crude futures eased on Monday in thin trade due industry functions in London and a public holiday in the
United States kept many players away from the market.
April crude settled 25 cents lower at $30.32 a barrel, partly retracing a 60-cent gain on Friday. The NYMEX was closed
for the Presidents` Day holiday while the IPE closed floor trade early at 1800 GMT on Monday and will also close early
on Tuesday.
Traders remained skeptical about OPEC`s output curbs announced last week, consisting of a one million barrels per
day reduction in OPEC quotas from April 1 and an immediate clamp-down on 1.5 million barrels per day of leakage.
OPEC last month produced 26.27 million bpd more than 1.75 million bpd above its existing quota limits and 2.75 million
bpd more than the ceiling that will come into force from April 1. Analysts warned that if OPEC lets the gap between its
formal ceiling and actual production get too wide the group will quickly erode an improved reputation for supply
discipline that has underpinned a long price boom.
OPEC`s basket of seven crudes rose $0.78/bbl Friday to $29.74/bbl, the OPEC News Agency reported Monday, up
from Thursday`s $28.96/bbl. Friday was the 50th consecutive trading day that the price has exceeded OPEC`s target
range of $22-28/bbl.