Word: benchmarks
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Dates: during 1980-1989
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...Mani Said al-Oteiba, the Oil Minister of the United Arab Emirates. He declared OPEC--the Organization of Petroleum Exporting Countries--to be in disarray and predicted that prices could fall as low as $5 per bbl. His remarks helped send the price of West Texas Intermediate, a benchmark crude, tumbling to $9.75 per bbl. Tuesday on the New York Mercantile Exchange...
...economy's high-octane fuel has been low interest rates. The benchmark prime rate that banks charge for commercial loans has remained steady at 9.5% since it plunged to that level last summer from 13% in mid-1984. Fostered by the Federal Reserve Board, the easier credit has spurred consumer spending and encouraged corporate investment in plant and equipment. "All the signs are strong. We're seeing the fruits of a very substantial decline in interest rates," said Board Member Charles Schultze, a senior fellow at Washington's Brookings Institution who was chairman of the Council of Economic Advisers under...
...risk of inflation has been sharply reduced, however, by the huge drop in petroleum prices. Last week the price for next-month delivery of West Texas Intermediate, a benchmark crude, closed at $16.01 per bbl., compared with $31.72 in November. Rimmer de Vries, chief international economist for Morgan Guaranty Trust, expects prices to average about $18 this year and next...
...threatened to launch an all-out campaign of slashing prices to boost OPEC's declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge of $3.51, to $25.23 per bbl. Some traders lost millions of dollars overnight. "It was the oil market's 1929. It was catastrophic," said Peter Beutel, a petroleum specialist for Manhattan's Rudolf Wolff Futures...
...OPEC barrel of oil by 29 cents, although some grades will drop by more than $1. It was only the second price cut in the organization's 25-year history. The first came in March 1983, when sliding world crude prices forced OPEC to mark down its Arab Light benchmark crude...