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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tomas who wrote (45723)6/1/1999 11:14:00 PM
From: Tomas  Read Replies (1) of 95453
 
"It is compliance with Opec cuts, not Iraqi exports, that is the key issue"

Financial Times, June 2: Oil Prices below $15
By Paul Solman and Gillian O'Connor

World oil prices dropped below $15 a barrel in London
yesterday after Iraq said it would increase exports under
the UN oil-for-food deal to 2.2m barrels a day.

The benchmark July contract for Brent blend fell to
$14.61 at one stage on the International Petroleum
Exchange, its lowest for seven weeks.

The price has risen sharply this year, reaching more
than $17 at the end of April amid optimism that
production cuts agreed by the Organisation of Petroleum
Exporting Countries would curb supplies.

However, analysts said yesterday's fall in prices was in
line with expectations. "The run-up during March and
April was overdone, although we would not expect prices
to stay below today's levels," said Charlie Sharp at T.
Hoare and Co.

"It is compliance with Opec cuts, not Iraqi exports, that
is the key issue," he said, adding that fundamentals
pointed to an average price of between $15.50 and $16
during the second half of this year.

In late trading yesterday, July Brent was $14.64 against
Friday's close of $15.20.

Commodity markets in the US and the UK were closed
on Monday for public holidays.
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