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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Mike from La. who wrote (28401)8/26/1998 2:40:00 PM
From: marc chatman  Read Replies (1) of 95453
 
<<So what does this tell us about the price of crude over the next few months, and years?>>

Probably very little. There are so many factors which affect crude oil prices (supply and demand related) that taking a snapshot at any given point in time and then drafting a list of the pros (leaving out the cons), probably doesn't tell us much. Yes, you have pointed out a number of positives. And yes, you have pointed out the "unfair" depiction by cnbc of the Gulf auction (it sucks, but life isn't always fair).

Regarding the postponement of the Saudi meeting, I don't believe they postponed because they thought further cuts are not needed. I don't know why they postponed, but they had stated previously the meeting was not for the purpose of making cuts.

And I hope the long term trend for oil prices doesn't continue. It looks to me like the long term trend is down (I guess it depends on what is meant by long term).
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