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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ViperChick Secret Agent 006.9 who wrote (13606)3/4/1998 5:12:00 PM
From: Czechsinthemail  Read Replies (2) of 95453
 
Summary of Dow Jones story on oil market activity:
April Crude oil prices dropped to $15.07 today, the lowest point for a front month since April,1994, before closing up 5 cents at $15.32. The drop was triggered by news that Venezuela's oil minister wouldn't attend the March OPEC meeting. That means they can't have a full ministerial emergency meeting, which would be needed to come up with a new agreement to cut production. Announcements of reduced crude oil stocks -- down 2.0 million barrels according to API, 1.6 million according to DOE -- were largely overlooked because inventories remain well above year ago levels.

Baird

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