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

To: Think4Yourself who wrote (61736)	3/7/2000 6:11:00 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

API Crude Oil Supplies Rose 2.7% Last Week: Economic Insight By Stephen Voss New York, March 7 (Bloomberg) -- The following is a summary of -- and reaction to -- the American Petroleum Institute's weekly report on U.S. oil inventories and production. The report covered the week ended March 3. Market Reaction Substantial. U.S. crude oil inventories jumped a larger-than- expected 7.6 million barrels, or 2.7 percent, last week to 291.7 million barrels, boosted by a surge in imports, the API report showed. It was the biggest weekly gain since October 1998. The increase was more than double the highest estimate for a gain of 3.5 million barrels in a survey of nine analysts by Bloomberg News before the report. Gasoline inventories unexpectedly rose, the API report showed, helped by an increase in domestic production. Distillate fuel inventories, which include heating oil and diesel, unexpectedly fell. Oil futures fell from a nine-year high in electronic trading on the New York Mercantile Exchange after the report was released. Crude oil for April delivery was down 53 cents at $33.60 a barrel, while gasoline for April delivery was down 1.4 cents at $1.0051 a gallon. Market Trend Crude oil traded in New York surged above $34 a barrel today for the first time since November 1990 on concern that the Organization of Petroleum Exporting Countries won't increase supplies enough to prevent fuel shortages this summer. Prices have more than doubled in the past year as supplies have steadily dropped. OPEC will set production quotas at a March 27 meeting.