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

To: lorrie coey who wrote (55750)	12/1/1999 12:20:00 PM
From: gpphantom	Read Replies (2) \| Respond to of 95453

(REUTERS) NYMEX crude futures into negative on OPEC comments NYMEX crude futures into negative on OPEC comments NEW YORK, Dec 1 (Reuters) - Crude oil futures on the New York Mercantile Exchange (NYMEX) slipped into negative territory early Wednesday, following OPEC comments that major producers may ramp up production if prices stay at or above $25 dollars a barrel that countered gains from bullish petroleum inventory numbers. At 11:52 a.m. (1652 GMT), front-month January crude futures were 30 cents weaker to $24.29 a barrel after trading as high as $25.25. Refined products also relinquished gains made in early . Players said the market remained fragile after a two day selloff and that the early gains from the stocks reports were reversed on the OPEC headline. A high ranking OPEC delegate said today he expected major oil producers including Saudi Arabia to up production levels if crude prices stay at $25 or above per barrel (see [nL01266583]). "Some people are locking in profits and liquidating some length because they're concerned the comments may be true," said one player. "Otherwise the market would be bullish right now on the inventory data." The American Petroleum Institute and the Department of Energy showed crude stocks 3.5 million barrels and 4.4 million barrels lower last week, respectively, with the DoE's overall national stocks level back below 300 million barrels. The heating oil numbers showed a fairly typical seasonal build, with API recording a 1.6 million barrel build and the DoE showing a 2.1 million barrel build. Gasoline inventory, which typically builds at this time of year, declined in the API report by 1.5 million barrels, though DoE showed a 0.9 million barrel increase. Traders said Iraq would continue to be a major factor in the market as the United Nations Security Council debates policy, which has caught up the humanitarian "oil-for-food" deal and disrupted oil flows from the country. The U.S. appears to be determined not allow a simple six-month extension of the oil deal until it can make progress on broader Iraq policy over weapons destruction, while Iraq in turns says it will continue to reject short extensions of the program and keep oil exports suspended in the meantime. ((New York Energy Desk, +1 212 859 1620, fax x1629, email - nyk.energy.newsroom@reuters.com)) REUTERS * end of story *