Commocities : Oil Futures Prices Slip Again
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Oil futures prices slipped lower in moderate, nervous trading Wednesday as the market warily eyed the OPEC conference in Geneva.
Crude oil lost about 25 cents a barrel on the New York Mercantile Exchange. Unleaded gasoline futures advanced slightly.
In some other markets, livestock, meat, grain and soybean futures mostly were lower.
For the second day in a row a deadlock over production cuts aimed at boosting oil prices stymied the Organization of Petroleum Exporting Countries, which, also for the second consecutive day, did not meet in full session.
“The market was left with kind of a bad tone when Iraq said it could see extending the present agreement” if OPEC was unable to forge a new one, said Richard Marose, an analyst in Chicago with Geldermann. “But the other countries came out and said that was not the case--that they want to push for production cuts.”
The impasse turns on Iraq’s insistence that it receive the same quota as Iran, while the proposed pact gives Iraq the right to produce about 1.5 million barrels a day and Iran 2.2 million barrels.
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