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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (17621)	8/12/2004 12:34:47 PM
From: Wyätt Gwyön	of 110194

Crude Oil Climbs Despite Saudi Vow On Extra Supply By MASOOD FARIVAR DOW JONES NEWSWIRES August 12, 2004; Page C4 NEW YORK -- Crude-oil futures resumed their rally at the New York Mercantile Exchange, as Saudi officials failed to calm a bull market with pledges of new oil. Saudi Oil Minister Ali Naimi said the kingdom boosted its output by one million barrels a day to 10 million barrels a day over the past three months and it has 1.3 million barrels a day in spare capacity, which "could be used immediately if required." The oil-rich kingdom's attempt to talk markets down came shortly after the International Energy Agency warned that oil markets are being driven up by "irrational exuberance" and added that high prices already are slowing demand growth in the world's two biggest petroleum markets, the U.S. and China. (See related article.) September crude futures rose 28 cents a barrel to $44.80. The contract fell as much as $1.50 during the session before traders dismissed the Saudi comments. "What did they say that we don't already know," said Tom Bentz, an analyst at BNP Paribas Futures in New York. "The most bearish possible thing they could do is to put out every barrel they produce, but they didn't come out and say that."

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