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Oil market eyes Clinton
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September 22, 2000: 5:39 a.m. ET
Traders await move by president to tap strategic reserve, ease gas prices
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LONDON (CNNfn) - Crude oil prices were little changed early Friday as traders awaited a sign that President Clinton might tap into the U.S. emergency oil reserves as a way to help pull oil prices further down from their recent 10-year highs.
Brent crude oil for November delivery rose 7 cents to $32.80 per barrel early Friday in London.
Crude prices tumbled sharply Thursday after U.S. Vice President and presidential hopeful Al Gore called on Clinton to release oil from the strategic petroleum reserve to help ease the gasoline price pinch. Gore proposed that batches of five million barrels be released to help rebuild private oil inventories, which are near 24-year lows. 
"I don't think traders are really moved by all this banter between Clinton and Gore on the SPR," a trader said.
Stating that a decision to release oil from the reserve was "imminent," U.S. Energy Secretary Bill Richardson also said that the United States would urge the Organization for Petroleum Exporting Countries to again consider ramping up oil production to head off a supply crunch this winter.
But OPEC President Ali Rodriguez said this week that the global supply of oil far exceeded demand and high prices were not being caused by insufficient oil supplies.
The price of OPEC's basket of seven crude oils fell $1.32 to $31.25 a barrel Thursday, OPEC's news agency said on Friday. Earlier this year, the cartel set a target of holding its oil price between $22 and $28 per barrel. On Sept. 10, OPEC agreed to raise output by 800,000 barrels.
Oil futures traders also said the market is awaiting Tuesday's release of American Petroleum Institute data on oil inventories, which would indicate the balance of supply and demand as the market prepares for higher fuel demand in the winter. The United States is the world's largest consumer of oil. 
-- from staff and wire reports
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OPEC
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