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To: BigBull who wrote (46500)	6/16/1999 9:08:00 AM
From: Tomas	Respond to of 95453

IPE Brent breaks $17.10, highest since Dec 1997 LONDON, June 16 (Reuters) - IPE Brent crude futures hit their highest level for 17 months, pushed higher by follow through buying as funds weighed into the gas oil market, traders said. After breaking $17 in early trade August Brent struggled with resistance at $17.09 a barrel, a previous rally peak, but finally broke through at 1100 GMT to print a $17.17 high, its highest level for 17 months. ''Funds buying on gas oil gave it the initial push, but I expect the market will take more certain direction this afternoon, everyone's waiting for the the DOE figures and to see how the States reacts this afternoon,'' one trader said. By 1125 GMT August Brent had drifted back to trade around $17.10 a barrel. July gas oil was $1.75 firmer at $138.75 a tonne. Analysts said gas oil was looking very overbought and because of this may need some correction before a break of the rally peak at $140 on the July contract is seen. However, they said there was some fairly good gap-up support starting around $131 to contain a correction, and while this gap remains open the uptrend was likely to hold. biz.yahoo.com