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Crude Oil Futures Prices Leap in Erratic Trading

November 19, 1987|Associated Press

NEW YORK — Oil futures prices rose sharply on Wednesday after a volatile session in which crude hit three-month lows in early trading before rebounding strongly.

Traders again were reacting to speculation that burgeoning oil stocks and growing production would depress prices in the near term.

The December contract for West Texas Intermediate, the benchmark grade of U.S. crude oil, dropped as much as 35 cents before bouncing higher to close at $18.64 per barrel, up 24 cents from Tuesday's close.

Futures opened sharply lower on what analysts called bearish sentiment stemming from monthly inventory figures by the American Petroleum Institute.

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