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Politics : Idea Of The Day

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To: Bill Turk who wrote (16118)	1/4/1998 10:43:00 AM
From: j g cordes	Read Replies (2) of 50167

Bill, IMO crude will bounce around off the current lows, I don't expect a run up to 24. February crude had a blip Friday due to API stocks being slightly less than forecast. However, OPEC has officially sanctioned the "real world" production ceilings with a 10% boost and I expect Iraq will cut a deal to get back on path with the UN export provisions. Add to that the lessening of demand due to IMF Korean growth and the Asian slowdown from last year's demands, 1998 looks slower to me with more than adequate product already in the pipeline. The XOI index has taken a fall and may recover to overhead resistance of about 471.4 (eyeballing).. but I would take any significant uptick as a selling opportunity. Jim

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