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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Ox who wrote (46048)	6/8/1999 12:53:00 PM
From: pz	Read Replies (1) of 95453

Tuesday June 8, 8:16 am Eastern Time Note: this article has a followup with more information. FOCUS-Oil slips after two days of strong gains LONDON, June 8 (Reuters) - World oil prices lost some ground on Tuesday as dealers took profits in the wake of hefty market gains over the past two days. Bellwether North Sea Brent blend crude for July was trading 17 cents lower in late morning London trade at $15.93 a barrel. Brent had jumped $1.15 in the previous two days' trade as investment fund speculators made a return to the market. ''The market got oversold and bargain hunters jumped back in,'' said a futures broker in London. ''Now we're just getting some profit-taking but the overall trend remains higher.'' Dealers said latest estimates of tight OPEC compliance with output curbs announced in March had helped lift prices. The Organisation of the Petroleum Exporting Countries production in May trimmed output by 440,000 barrels a day (bpd) to 26.14 million bpd from 26.58 million in April, a Reuters survey showed. That translates into 88 percent compliance with targeted output cuts, an improvement from 76 percent adherence in April. OPEC is aiming to remove a surplus in world petroleum stockpiles and dealers said data scheduled for release over the remainder of this week would provide new clues on the cartel's progress toward that goal. Weekly American Petroleum Institute statistics later on Tuesday will show U.S. gasoline demand and inventories after the Memorial Day weekend, when motorists take to the road at the start of the summer driving season in the United States. On Wednesday, Stichting Euroilstock in Brussels releases monthly data for May on European Union oil inventories. Friday sees the widely-watched International Energy Agency monthly Oil Market Report give its verdict on the latest trends in world oil supply, demand and inventory patterns. The IEA report is expected to underscore tighter OPEC compliance in May with output limits but analysts said it might also have to revise higher its estimate of exports from the territories of the former Soviet Union. Russian exports in particular have been booming in recent weeks because of a weak rouble and lower domestic consumption. Prices in dollars a barrel: (Note: this article is ''in progress''; there will likely be an update soon.)

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