OPEC will monitor US election impact on oil price

OPEC will monitor US election impact on oil price: Purnomo

Jakarta (Platts)--4Nov2004


OPEC plans to monitor the impact of US President George W Bush's re-election
on oil prices, the cartel's Indonesian president Purnomo Yusgiantoro said
Thursday, noting that Bush's victory Wednesday appeared to have boosted
prices. "The victory of President Bush had an impact on the oil price," he
told reporters in Jakarta. "We will monitor how far the oil price fluctuates
in the near future." Washington-based PFC Energy said Monday in a note to
clients that victory by Bush, who would continue to view the Strategic
Petroleum Reserve as a resource to be used only in real supply emergencies,
could see prices head towards $60/bbl. 

US light crude futures, which rocketed
above $55/bbl last month, were trading at $50.90/bbl around 1230 GMT Thursday.
OPEC's own basket of crudes, stood at $41.44/bbl Wednesday, well above the
group's official $22-28/bbl target band which has been effectively redundant
for almost a year. Purnomo has said several times recently that oil markets
are more than adequately supplied.

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