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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (45452)5/25/1999 11:02:00 PM
From: Tomas  Read Replies (1) of 95453
 
Bankers Trust raises oil price forecast
Financial Times, May 24
By Nicholas Leonard

BP Amoco and Shell were among the best performers in the London stock market on Monday on renewed hopes that the price of oil has now established a new base for itself at a level some 50 per cent higher than that prevailing just three months ago.

BT Alex Brown, the London broker offshoot of Bankers Trust, said it had increased its estimate of the likely average price for Brent crude from a previous figure of
$13.50 a barrel to $15, which is very close to recent actual trading levels.

There is a growing faith among dealers in the commitment of the OPEC and
non-OPEC oil producers to maintain the cuts in output which they introduced at
the beginning of April and that confidence was underpinned on Monday with news
that Russia, in the current three month period, would be voluntarily producing
less than in the final quarter of 1998.

The short-term outlook for both the oil price and for oil shares continues to be
overshadowed, however, by uncertain factors such as the fluctuating level of
inventories in both the US and Europe, the unpredictable evolution of the Iraqi
situation, and the commercial pressures on the refining sector of the industry.
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