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: Tomas who wrote (36720)	2/4/1999 7:36:00 AM
From: Platter	Read Replies (1) of 95453

PARIS, Feb 4 (Reuters) - French oil stocks climbed strongly on Thursday with traders attributing their rise to higher U.S. oil shares after the withdrawal of U.N. personnel from Iraq raised the possibility of further military action. But analysts said the rise was probably more due to bottom-fishing than any real conviction the news could lift oil prices, noting that Brent crude prices had not reacted. At 1202 GMT shares in oil services companies Coflexip <CXIP.PA>> were up 6.31 percent and Bougues Offshore <BOS.PA> rose 6.35 percent. Oil firms Elf-Aquitaine <ELFP.PA> and Total <TOTF.PA> gained 3.32 percent and 2.74 percent respectively, while the benchmark CAC-40 was up 1.79 percent at 4,263.76 points. "Given that the price of crude oil is not responding in any way to the news, I would say this was an excuse for some bottom-fishing," said Jeremy Hudson, oil analyst at Salomon Brothers. "There is a slight trend for outperformance in oil stocks across European markets today, as people try to judge at what point the underperformance of the last 18 months will turn around. The news from Iraq is just a pretext to buy," he said. Brent prices bucked attempts to rally on Wednesday after news that the United Nations had ordered its U.S. and British staff to leave Iraq, saying it could not guarantee their safety. Around 1258 GMT on Thursday, March Brent was barely changed at $10.90 a barrel. Shares of U.S. oil companies Chevron Corp <CHV.N> and Exxon Corp. <XON.N>, both components of the Dow Jones index, rose $1-1/16 and $1-11/16 respectively on Wednesday.

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