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: Harold S. who wrote (23631)	6/8/1998 2:27:00 PM
From: pz	Read Replies (1) of 95453

Monday June 8, 1:43 pm Eastern Time Oil service stocks fall with oil prices NEW YORK, June 8 (Reuters) - Falling oil prices on Monday sent shares of oil drilling and equipment companies lower as markets responded with skepticism over the ability of the world's biggest oil producers to cut their oil output. ''Basically its lower oil prices,'' said Gary Hovis, petroluem analyst with Argus Research. ''And the reason for lower oil prices is the over supply situation right now.'' The Standard & Poor's Oil Drillers index (^SPOILW - news) fell 76 points or 1.8 percent to 4268. In the futures market, July crude futures hit a low of $14.60 a barrel soon after the open and were at $14.79, down 28 cents in early afternoon. Among services providers, Schlumberger Ltd (SLB - news) shed 1-13/16 to 77-5/16 and Transocean Offshore Inc (RIG - news) fell 1-5/8 at 47. Among equipment companies, Smith International Inc (SII - news) were down 2-9/16 at 45-1/4 and Camco International Inc (CAM - news), which provides equipment and services, fell 2-9/16 at 65-3/4. Cooper Cameron Corp (RON - news) slipped 1-7/8 to 57.

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