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Gold/Mining/Energy : Oil & Gas Price Economics

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To: Ed Ajootian who wrote (303)	10/9/2000 5:22:07 PM
From: kingfisher	Read Replies (1) of 350

Oil Prices Climb on Warning, Cold Snap -------------------------------------------------------------------------------- REUTERS INDEX: TOP STORIES \| INTERNATIONAL \| BUSINESS \| TECHNOLOGY -------------------------------------------------------------------------------- By REUTERS Filed at 4:21 p.m. ET NEW YORK (Reuters) - A warning from Saudi Arabia escalated concerns over tensions in the Middle East Monday and sent U.S. crude oil prices -- already rising on colder weather in the Northeast -- racing back toward $32 a barrel. Crude oil for November delivery on the New York Mercantile Exchange (NYMEX) settled at $31.86 a barrel, up $1 on the day. Saudi Arabian Crown Prince Abdullah fired off a warning to Israeli Prime Minister Ehud Barak Monday afternoon against taking actions against Lebanon and Syria. ``Barak has to think before taking any step... and nobody should think that the Kingdom of Saudi Arabia and the whole Arab and Islamic nation would just watch with their hands tied,'' Saudi Crown Prince Abdullah said. The crown prince did not specify what action the world's largest crude oil producer would take. Barak had threatened to take ``decisive action'' on Monday unless Lebanon and Syria rein in the Iranian-backed Hizbollah group which on Saturday captured three Israeli soldiers in a bid to swap them with Arab prisoners in Israeli jails. Tensions between Israel and Lebanon erupted amid a wave of violence between Palestinians and Israelis that has left at least 89 people dead and threatened the Middle East peace process. U.N. Secretary-General Kofi Annan left Geneva for Tel Aviv Monday on the beginning of a mission to the Middle East in an effort to hold takes with Barak and Palestinian leader Yasser Arafat. Annan was due to meet with Arafat on Monday and Barak on Tuesday. Oil prices were already rising before the Saudi comments late Monday as traders awoke Monday to temperatures 15 to 20 degrees Fahrenheit below normal in the U.S. Northeast. With heating oil stocks in the region nearly 70 percent below year ago levels, concerns of a shortage this winter have helped keep crude prices over $30 a barrel in recent weeks, despite efforts by the U.S. government to raise supplies. Temperatures in the region were expected to rise from Tuesday through Thursday. The Clinton administration awarded 30 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) last Wednesday to help replenish depleted inventories.

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