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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (32425)12/4/1998 8:07:00 AM
From: Captain James T. Kirk  Read Replies (1) of 95453
 
Crude futures rebound slightly in Asia after losses
SINGAPORE, Dec 4 (Reuters) - Crude futures prices in Asia were slightly firmer on Friday, rebounding from overnight losses but failing to shrug off the bearish sentiment that has dogged the market post-OPEC all week.

New York Mercantile Exchange (NYMEX) January futures were last traded at 0854 GMT at $11.28 per barrel, up nine cents from the overnight New York close.

North Sea January Brent futures, trading on the Singapore International Monetary Exchange (SIMEX), were last traded at $10.24, for a gain of six cents compared with London's close overnight.

Both London and New York failed to hold intraday gains on Thursday, hit by late sell orders.

Traders on Friday said market sentiment remained bearish, with expectations that market reaction to single digit prices would be tested in coming sessions.

January Brent dropped to a 12-year low of $10.06 per barrel on Tuesday and NYMEX January crude hit a 12-year low of $10.82 on Monday.

Markets have been hit since OPEC last week failed in a meeting in Vienna to offer any fresh initiatives to bolster stubbornly low oil prices.

Oil markets had at least expected the grouping to extend the current production cuts of 2.6 million barrels per day (bpd) by six months to the end of 1999.

-- Singapore newsroom (+65-870-3836) fax (776-8112)

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