OIL MARKET SLIPS AFTER OPEC POSTPONES QUOTA DISTRIBUTION TILL END-JULY MEETING

MEES Editor Ian Seymour Reports on the Conclusion of OPEC's Brioni Conference and its Aftermath

Not surprisingly, OPEC's postponement yet again of vital decisions on the distribution of production quotas has gone down like a lead balloon in the world oil market. By the afternoon of Friday 4 July the spot price for July Brent crude had sunk below the psychologically important $10/B and all the indicators...