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

To: Post_Patrol who wrote (62242)	3/16/2000 8:49:00 AM
From: Post_Patrol	Read Replies (1) \| Respond to of 95453

IPE Brent Crude Slips As Saudi Signals Lots More Crude By KERM YERMAN Nervous oil prices retreated on Wednesday on strengthening signals that major producers will free up supplies to sate thirsty refiners at the beginning of the second quarter. North Sea benchmark Brent Blend crude for April delivery lost 89 cents on Wednesday to end at $27.45 per barrel while NYMEX April crude futures were off $1.04 to close $30.65. Brent is now down about 14 percent, from the nine year high of $31.95 set last week. Constructive overnight data showing draws across the board at U.S. crude and products' stockpiles were overshadowed by continued preoccupation over the future output policy of the Organisation of the Petroleum Exporting Countries (OPEC). Comments late on Tuesday from OPEC heavyweight Saudi Arabia pressured prices as the market continued to build in expectations of bigger oil flows from April. A Saudi source said on Tuesday that the kingdom would support an output hike from April 1 to meet expected refiner demand for "lots" more oil. "The trend right now is for OPEC and non-OPEC producers to increase production from the beginning of the second quarter by an amount reflecting expected demand," the Saudi source said. The source said the market