Price of oil overpassed $30/barrel level yesterday (comments on the trade results at IPE and NYMEX on February 14)

/IRBIS, Feb.15, 00/ - RosBusinessConsulting informs that yesterday trades at two major oil exchanges ended with a new record high growth in quotations of futures contracts on crude oil. It is said oil price has passed over psychological barrier of $30/barrel in the U.S., which is believed by the most oil analysts as the critical. This is the first time jump since 1991. On February 14 prices of the contracts for the nearest month (March) at IPE and NYMEX were respectively at ($/barrel): Brent - 28.76 (+0.94); Light Sweet - 30.25 (+0.81). Monday increase in prices was due to an essential reduction of world oil reserves after imposing limitations on OPEC supplies in April of 1999, and also due to doubts about possible production increases of the cartel in March. The market received a support after the information that Iraq was going to cut its oil exports by 250 th. barrels a day if USA continues to block the purchases of oil equipment and spare parts by the resolution of UN based on "Oil for food" humanitarian program came out. Quotations also rose by the rumors that OPEC may cut exports to US and Western Europe by 5% in the next month. It became a concern for the Ministry of energy of the USA that is interested in increasing the supply of oil into domestic market of the country. It is said the ministers of oil of Mexico, Venezuela and Saudi Arabia would meet on March 2 for preliminary consultations before the Vienna meeting of OPEC on March 27. The final decision is to be made in Vienna. Today at 9:30AM Moscow time Light Sweet quotations in NYMEX/ACCESS system stabilized at yesterday's closing level of $30.25/barrel. During the night session they reached $30.36/barrel.