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: Redman who wrote (12926)	2/26/1998 11:14:00 AM
From: Czechsinthemail	Read Replies (2) of 95453

Other oil stocks were benefitting from a rise in crude oil prices on talk of possible OPEC production cuts. NYMEX April contract crude oil rose 28 cents to $15.73 per barrel in early trading after a call by OPEC President and Indonesian Oil Minister Ida Bagus Sudjana for an emergency meeting to combat a slump in oil prices. Some analysts also voiced concern that some of the terms of the U.N.-brokered deal with Iraq on weapons inspections may be unacceptable to Washington and renewed tensions could also boost oil prices. The S&P oil drillers index spiked up more than 6.0 percent to 4278. Merrill Lynch said on Thursday it had lowered its earnings estimates on shares of various oil service companies, citing a high probability oil prices will remain weak. Apparently the news isn't that there will be an OPEC meeting but that there was a call for one. This may be the OPEC jawboning people were hoping for. A real OPEC meeting would probably give oil prices more support. If it doesn't happen, oil may return to its weak ways again. Baird

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