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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (46780)	6/23/1999 7:34:00 AM
From: diana g	Respond to of 95453

Crude Price Up in London, as expected quote.bloomberg.com Wed, 23 Jun 1999, 7:25am EDT Crude Oil Rises as U.S. Inventories Fall 1.7%, Biggest Decline This Year Crude Oil Rises as U.S. Inventories Unexpectedly Fall (Update1) (Adds details after 5th paragraph.) London, June 23 (Bloomberg) -- Crude oil rose 1.5 percent after U.S. inventories fell unexpectedly, a sign of increasing demand. Oil supplies fell by 5.75 million barrels, or 1.7 percent, last week, their biggest drop this year, according to an American Petroleum Institute report issued after markets closed yesterday. Analysts had expected an increase of between about 700,000 barrels and 1.8 million barrels. ''What you're seeing is a gradual erosion of inventories,'' said Christopher Bellew, a broker with Prudential Bache (Futures) Ltd. ''The bears who thought stockpiles were going to increase will be disappointed.'' Brent crude oil for August delivery rose as much as 24 cents, or 1.5 percent, to $16.34 a barrel on the International Petroleum Exchange in London. August crude oil on the New York Mercantile Exchange rose as much as 24 cents from yesterday's close to $17.99 a barrel in electronic trading. Oil prices fell 1.6 percent yesterday on traders' expectations the API report would show higher inventories. Oil futures have risen 53 percent this year after producers reached an agreement to cut world supply by as much as 2.7 percent. Gasoline demand, which will be crucial in determining how much crude oil refiners process in coming months, was little changed from last week's four-week high of 8.8 million barrels a day, matching the average daily demand last summer, the API report showed. U.S. gasoline consumption typically peaks in the summer as vacation travel increases. Demand last year was about 3.5 percent higher during the summer driving season than it was the rest of the year. Traders said they will also watch for a second inventory report from the U.S. Department of Energy, due out later today, that is based on a wider survey and considered more accurate than the API report. --------------------------------------------------------------------------------