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Contact Person Mr. Pat
UK, UK, UNITED KINGDOM
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A report today will probably show industrial production
rise in the United States, the world’s largest oil
consumer, contracted 0.9% previous month as automakers cut output,
according to a survey of economists. Sentiment among the
largest manufacturers in Japan, the 3rd largest oil user,
fell the most in *4 years, according to the nation’s
quarterly Tankan survey today. Brent oil for January settlement rose as much as $2.*8, or 6%, to $*9.*9 a barrel on London’s ICE Futures Europe exchange. The contract expires tomorrow. The more actively traded February futures gained 5.2 percent to $*1.*2 a barrel at *1:*5 a.m. London time. Oil prices will fall further if OPEC nations don’t cut daily output by at least 1.5 million barrels at this week’s meeting, Iranian Oil Minister Gholamhossein Nozari said yesterday. Speculative long positions, or bets prices will rise, outnumbered short positions by *0,**7 contracts on the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 8,**8 contracts, or **1 percent, from a week earlier. To contact the reporters on this story: Christian Schmollinger in Singapore at *@******************** Nidaa Bakhsh in London at nbakhsh
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