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: Cogito Ergo Sum who wrote (94002)	8/23/2001 2:26:25 AM
From: The Ox	Read Replies (3) of 95453

Hi Kastel, I agree the sentence is poorly worded but I thought the author was trying to convey that the relatively low US crude stockpile has OPEC concerned about additional cuts. The API data has been pretty bullish for crude prices, supporting $26+ WTI. OPEC may be seen as over doing it by cutting output even further, which might put additional pressure on an already weak US economy. If I were Bush, I would try to get OPEC to settle for prices near the lower end of their proposed trading band until we see some recovery in our economy. By being greedy now, OPEC could be shooting themselves, and the world, in the foot by keeping oil prices artificially high at at time when there appears to be a global slowdown in progress.

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