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

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Nov 19 4:00 PM EST

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To: Charles A. King who wrote (10460)	3/11/1999 2:56:00 PM
From: Charles A. King	Read Replies (1) of 13091

Thursday March 11 11:51 AM ET Oil Stocks Rise On Wall St. By David Brinkerhoff NEW YORK (Reuters) - Stronger crude oil prices continued to pull up oil and oil service share prices Thursday after a meeting of key petroleum producers led Saudi Arabia's oil minister to forecast ''substantial'' new output cuts. Crude oil prices have gained about 30 percent over the past month while oil share prices on the Standard & Poor indices of domestic and international companies have gained 12 percent. Saudi Oil Minister Ali al-Naimi forecast the cuts Thursday in Amsterdam in response to a proposal made the day before by other major Gulf Arab producers for total OPEC and non-OPEC cuts of about 2.3 million barrels per day. The announcements helped boost lackluster crude prices on the New York Mercantile Exchange (NYMEX) Wednesday, giving investors hope that beleaguered oil companies would profit in the long-term. ''I think that you'll definitely see (oil stocks) up today,'' said Jennifer Gordon, analyst with BT Alex. Brown Inc. ''They should be up because they've been beaten so badly the last few months.'' Crude oil for April delivery surged 84 cents a barrel Wednesday after Gulf Arab producers proposed their plan. Oil closed at $14.69 on the New York Mercantile Exchange (NYMEX), but pulled back about 12 cents a barrel to $14.57 early Thursday. A worldwide glut has kept oil prices hovering near 12-year lows recently, forcing companies to cut spending and lay off staff. Members of oil cartel OPEC will meet March 23 in Vienna to discuss remedies for worldwide oil glut. dailynews.yahoo.com The real key to maintaining the price of oil is whether all exporters will stick to their promises of remaining within their production quotas. Charles

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