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

To: Roebear who wrote (58608)	1/17/2000 8:54:00 AM
From: hdrjr	Read Replies (1) \| Respond to of 95453

1/17 7:19 Asian Crude Rises on February Demand for Light, Sweet Grades By Armorel Kenna Singapore, Jan. 17 (Bloomberg Energy) -- Crude oil prices in Asia rose today on expectations of robust demand for light, sweet grades amid restricted regional supply of heating fuels, traders said. In the spot market, Asian benchmark spot Tapis was valued at $25.35 a barrel, up 30 cents from Friday. February Tapis swaps were assessed at $25.80 a barrel, compared with $24.60 a barrel on Friday. March Brent crude futures trading on the Singapore International Monetary Exchange rose $1.10 to $25.60 a barrel. In London, March Brent crude oil futures trading on the International Petroleum Exchange were recently 46 cents higher at $25.63 a barrel. February demand for light, sweet grades of crude oil was expected to increase after refiners in Singapore maintained lower operating rates of 55-60 percent capacity in January, which limited the production of heating fuels. Traders said there had been several inquiries for crude from Australia, Japan and Korea, although few bids were reported today. Pertamina, Indonesia's state-owned oil company, issued a tender to purchase supply of light, sweet crude oil for March delivery. Traders said the tender will close today. Moreover, traders said import demand from India will likely resume in the coming days on increased demand from refiners in the country after a brief strike by Indian oil workers ended last week. The Indian Oil Corp. deferred the closing date of its tender to buy sweet crude oil for March-May 2000. The tender was due to close Jan. 12, but will now close Jan. 20, traders said.