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Crude oil tops $24 on expected supply squeeze.
Tuesday, September 14, 1999 - The Financial Post
Bloomberg News
NEW YORK -- Crude oil rose above $24 a barrel for the first time in 2-1/2 years on expectations that an annual increase in heating demand will come with U.S. supplies unusually low.
"It's like money in the bank," said Charlie Bell, a terminal coordinator for a joint venture of Shell Oil Co. and Texaco Inc. in Cushing, Okla. The U.S. inventory is not low enough to cause operational problems. "though it's a little uncomfortable," he said.
U.S. inventories now are at their lowest level since January, 1998. ...
Prices have doubled this year.
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