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: marc chatman who wrote (23392)	6/4/1998 9:20:00 AM
From: Lazlo Pierce	Read Replies (1) of 95453

OK. From the PRs I read it seems these guys (OPEC) are serious. I have heard they pretty much kept their word in the 1M bbd reduction. The PR said they realize this isn't enough, and WANT to raise the price. They are looking at least another 1/2M reduction, and are meeting today. Now we started falling last Nov, when oil was much higher priced, and the reason was the market trades on the future. So now we are fairly near our 52 week low, today oil is OVER $15, and therre will be a meeting today(from what I read). It seems we know OPEC is going to do whatever it takes to raise the price, so why shouldn't we start trading on this future assumption? Compared to the market these stocks are way cheap, and are way oversold. I'm hoping we get some more news, and yesterday's close was the bottom. We'll see. Dave

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