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: Winkman777 who wrote (53668)	10/28/1999 12:41:00 PM
From: oilbabe	Read Replies (3) of 95453

This article explains some of this recent and seemingly unexplained weakness. If OPEC holds, then we ride the wave up. If not, look out below! Crude Oil Falls as Producer Output Cuts Seen Failing to Remove World Glut Crude Oil Falls as OPEC Resolve on Output Cuts Seen Weakening New York, Oct. 28 (Bloomberg) -- Crude oil fell more than 1 percent, dropping for a fourth day, amid speculation that OPEC's resolve in keeping production levels low may be waning. Reports on October production rates by the Organization of Petroleum Exporting Countries are due next week and are expected to show another drop in compliance with promised output cuts. OPEC achieved 92 percent of its cuts in September, down from 94 percent in August, according to Bloomberg estimates. Oil prices have dropped about 7 percent this month. ``There is a perception on the part of participants that that OPEC's solid front is beginning to show some cracks,' said Michael Fitzpatrick, a trader at Fimat USA Inc. in New York. Crude oil for December delivery fell as much as 35 cents, or 1.5 percent, to $22.57 a barrel on the New York Mercantile Exchange. In London, crude oil for December delivery was recently 23 cents lower at $22.36 a barrel on the International Petroleum Exchange. OPEC and four other nations said in March they would cut output by 5 million barrels a day, or about 7 percent of world supply. Prices have almost doubled this year as the cuts reduced a global surplus.

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