Clipped From The Wall Street Journal
pro- UimiCATIM. OIL SITUATION Drop in Prices Expected hy the O'l Trade Buits 3T to iri bmnller Then in ifli') ' i A material reduction in lubricating oil price by some 'of the big marketers Is alnwt certain in the near future 1 according to oil men, who hy volume of bu.-aness Is now to 40'i smaller than last year. Many marketers, who have sold lubricating oil for automotive use on contrac, I erreed to reduce their selling price in the event of lowe- .rrude price and are understood to have recently refunded some money to customers on this Vai. It is pointed out that a konn a a reljutment in lubricant prices to meet new condition is effected it wi!i bring about a wider distribution of the product. Some of the biggest lubricating oil manufacturer are large buyrrs of iulf Coat and Pennsylvania crude o l. Gulf CoM crude oil is now selling at $125 a barrel, com pared with $1 is 19-JO, a decline of $1.73 a barrel. Penn sylvania crude at it procnt price of $12. a barrel i-selling $2.K.'i a bam I below the level of $6.10 on Janiwn I. The drmand for Ranger, Texas crude oil, which i in demand by lubricant manufacturers, because it yield-cylinder !k. is selling for $? or 25 cent above th-posted price of $1.75 for ordinary Midconlinent crude.