Opec chief expects oil to fall further

(Reuters) 30 October 2004
JAKARTA – Opec President Purnomo Yusgiantoro said yesterday that he expected global oil prices to fall further as crude stocks in the United States rose and supplies from the US Gulf of Mexico returned to normal.

JAKARTA – Opec President Purnomo Yusgiantoro said yesterday that he expected global oil prices to fall further as crude stocks in the United States rose and supplies from the US Gulf of Mexico returned to normal.

US light crude futures CLc1 slipped for a third day yesterday to a 3-1/2-week low of around $50.47 a barrel after a big increase in US crude inventories that eased concern over winter supplies.

“At the moment the supply of oil from the Gulf of Mexico is returning back to normal. Secondly, there is increasing stocks in the US. That’s the reason the price is declining and that is good, said Purnomo, who is also the Indonesian oil minister.

“I expect oil price to continue falling.”

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