Strictly: Drilling and oil-field services Message Board

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

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To: SJS who wrote (46126)	6/9/1999 12:24:00 AM
From: pz	of 95453

Tuesday June 8, 6:04 pm Eastern Time Note: this article has a followup with more information. FOCUS-Oil loses some gloss after two days of gains (Updates with closing prices) LONDON, June 8 (Reuters) - World oil prices lost some of their shine on Tuesday as traders pocketed some of their profits made in two days of hefty market gains. Bellwether North Sea Brent blend crude for July last traded 23 cents lower in London at $15.87 a barrel. Brent had jumped a total $1.15 higher over the previous two days of business as investment fund speculators made a return to the market. But traders said late selling orders tarnished the rally for the moment, with players taking their profits and with estimates of larger gasoline stocks in the United States over the next few months bringing a negative tone to late trading. Dealers said latest estimates of tight OPEC compliance with output curbs announced in March had helped to lift prices and this was likely to continue to play a role. ''Longer term, with the sort of compliance OPEC has been delivering we should see prices rising further,'' said Nauman Barakat at Prudential Bache in New York. ''It should be a firm third quarter.'' The Organisation of the Petroleum Exporting Countries 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 estimated. That translates into 88 percent OPEC 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.

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