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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (35040)1/14/1999 8:49:00 AM
From: Crimson Ghost  Read Replies (1) of 95453
 
Slider;

You are certainly correct that we are at the mercy of the futures traders. Seems to me that the near-term direction of the OS sector depends upon whether or not the major oil producers make a serious effort to cut production and boost prices since demand is not going to jump anytime soon. If they do so (and the big money will know this BEFORE the fact) -- we will seee a huge rally in the OSX. But if things continue to drift as they have and the industry depression continues and intensifies, new lows are a good bet.

Interesting that US ally (some would say puppet) Saudi Arabia is again the main obstacle to further production cuts.

Looks like we may bounce a little today with crude up 15 cents.
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