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

To: gpphantom who wrote (50946)	9/11/1999 5:46:00 PM
From: oilbabe	Respond to of 95453

Fresh oil gains take market by surprise LONDON: Oil prices surged to hit yet another fresh 32-month high yesterday, having already posted significant gains throughout last several days.. Benchmark Brent crude in London ended 44 cents stronger at $23.48 a barrel, having raced to a peak of $23.50 just before the close, the highest price since January 1997. The latest gains caught the market, which had anticipated a spell of profit-taking after prices jumped by more than $2 over the week, by surprise. After easing initially, dealers ended up having to buy and cover their positions ahead of the Western weekend. Yet some dealers were wary about the latest leg of a rally, led by Opec supply cuts, which has more than doubled prices from less than $10 in February. "The market is clearly overblown on the upside and all traders are wary that a sharp correction could come at any time and for little reason," said Lawrence Eagles of GNI Research. Traders took note of latest inventory estimates from the International Energy Agency which said Opec exporters had more work to do before they fully drain excess stockpiles. Oil inventories, a leading indicator for Opec on when to ease its supply curbs, remained stubbornly high in July, the IEA said.- Reuters