Commodities : Energy Futures Advance
Energy futures prices moved higher on the New York Mercantile Exchange on Thursday as traders watched for news out of the Vienna meeting of the Organization of Petroleum Exporting Countries. On other markets, grain and soybean futures fell, pork futures were mostly higher and precious metals dropped. Oil futures opened lower but bounced back.
“There’s the perception that Iran is not going to roll over and play dead, by agreeing to an automatic extension of the Dec. 20 accord,†said Nauman Barakat, an analyst in New York with Smith Barney, Harris Upham & Co. Iran indicated earlier in the week that it wanted to delay scheduled production increases for the fourth quarter in order limit supplies and drive up prices.
“They’re fully aware that they’re not going to get (OPEC to set) a price higher than $18, so they’re trying to get it higher through the back door,†he said.
OPEC’s overall production limit now is 15.8 million barrels a day, 16.6 million after June 30 and 18.3 million in the fourth quarter, under the December accord.
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