ROB LAUGHLIN, Gerard & National Intercommodies, London (3:00 p.m. EST): Brent crude was off at $25.13, and gasoil was off at $218.50 in a carryover of Friday's selling triggered by reports OPEC overproducing more than expected. Sentiment darkened further on a report that Saudi Arabia said the U.S. could not use airports or air space even if the UN gave approval to attack on Iraq. See Brent testing $25, heading toward $24.60.
The latest CFTC trader positioning report for Oct. 19 shows that speculative accounts are shorting oil contracts after effectively being long for most of the last six months. On Access, WTI off at $26.96, heating oil up at 73.97 cts, and gasoline off at 75.80 cts.