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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: articwarrior who wrote (52758)10/11/1999 5:23:00 AM
From: oilbabe  Read Replies (1) of 95453
 
Crude Oil Steady as Traders Watch OPEC Output Compliance

London, Oct. 11 (Bloomberg) -- Crude oil was little changed,
after suffering its biggest one-day drop in 10 months, on
expectations that oil exporters would maintain compliance with
output cuts until a world glut ends.

Crude oil fell 15 percent last week on concern the 11-nation
Organization of Petroleum Exporting Countries produced more oil
in September. OPEC output rose 0.7 percent from August levels,
according to a Bloomberg survey, in spite of promises from the
group to limit supply.
``OPEC is still complying with output cuts, and oil stocks
are being drawn down,' said Christopher Bellew, a broker with
Prudential Bache (Futures) Ltd. ``The blood letting last week was
an over-reaction.'

Brent crude oil for November delivery fell 2 cents to $20.68
a barrel in early trading on the International Petroleum
Exchange. Crude oil for delivery in November on the New York
Mercantile Exchange was 15 cents higher at $21.05 a barrel.

Oil prices had more than doubled so far this year after 10
of OPEC's member nations, along with countries outside the group
such as Norway, Mexico, Russia and Oman, agreed to cut supply,
raising concern over a shortage in the next few months.



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