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 (30460)	10/7/1998 3:39:00 PM
From: Gameboy	Read Replies (1) of 95453

It is ironic that with the offshore rig count actually up these past two weeks, with a draw of over 20 million barrels of US crude inventories over the past several weeks, and with oil up over $3/barrel over the past 3 months, and with OPEC expressing confidence that they've made sufficient cuts to return Brent to the $16 to $19 range, that the oil service sector - seemingly in the midst of a fundamental turnaround - would bottom. The only thing I can figure is that for those not attuned to this sector, the ravages of $12 oil on earnings is supposed to be shocking and totally unexpected. I have never heard a conjecture (beyond this thread) of 'what if' OPEC has done its job and oil returns to $18/barrel during 1999 - never. Best of luck, Steve

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