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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)

GRNO 0.00

Nov 13 4:00 PM EST

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To: Charles A. King who wrote (9889)	9/24/1998 10:11:00 PM
From: Charles A. King	Read Replies (3) of 13091

nando.net Oil prices up, but still lower than last year's average Copyright © 1998 Nando.net Copyright © 1998 Reuters News Service The Web site of Organization of the Petroleum Exporting Countries. LONDON (September 24, 1998 4:37 p.m. EDT nandotimes.com) - Oil prices were increased Thursday as some fresh buying helped extend a six-week recovery which has added $3 a barrel to the value of crude. Benchmark Brent blend settled 16 cents higher at $14.68 a barrel, advancing from a mid-August lowpoint which had producers worried their attempts to boost prices by cutting output had failed. But prices are still nearly 25 percent lower than last year's average and analysts predict that the threat of global economic slowdown will keep a lid on demand and hamper a fully-fledged recovery. A sixth straight weekly crude stock draw in the key U.S. market has helped reduce massive world stockpiles. The year-on-year U.S. inventory overhang has now halved from 30 million barrels earlier this summer. Traders said prices also drew strength from fears U.S. oil production could be disrupted by Hurricane Georges, which at one point forced the closure of a big refinery and killed at least 116 people on a five-day rampage across the Caribbean. But they cautioned that a fall in U.S. refinery production runs and a large rise in refined product stocks implied that demand prospects may not be that bright. "No-one should imagine that this market is out of the woods yet," a London trader said. Yet recent price gains have relieved some pressure on oil producers who have had to group together this year for some three million bpd of output cuts. Oil ministers from Iran, Algeria, Kuwait, the UAE and Oman said after a short meeting on Wednesday kept open the prospect of further production cuts. Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah said after the gathering that producers might even agree on new cuts before a ministerial meeting of the Organization of the Petroleum Exporting Countries on Nov. 25. Others appeared more cautious after the talks which ended with a statement that said the ministers would examine necessary measures including cuts to support prices. Prices in dollars a barrel: Sept 24 Sept 23 (close) (close) IPE November Brent 14.68 14.52 NYMEX November light crude 16.00 15.81 +++++++++ To see the updated graphs of oil prices, go to oilworld.com Charles

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