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

To: Ditchdigger who wrote (62244)	3/16/2000 8:58:00 AM
From: Harold S.	Read Replies (1) \| Respond to of 95453

Re: MDR...Don't worry, it is not the same MDR. There is no warnings from MDR the oil service Company!

To: Ditchdigger who wrote (62244)	3/16/2000 9:04:00 AM
From: Post_Patrol	Read Replies (1) \| Respond to of 95453

Crude Crumbles On OPEC Output Talk TSE O&G Stocks Trend Higher By KERM YERMAN In London, 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). In New York, crude oil prices plummeted 3 percent Wednesday, taking gasoline futures with them, on growing rumblings from within OPEC that the producing nations will substantially raise output in two weeks to feed an oil-starved world market. Oil's latest tumble means it has fallen 11 percent since topping out at $34.37 in after-hours trading March 8 -- the latest and perhaps last in a series of nine-year highs on the New York Mercantile Exchange. West Texas Intermediate crude for April delivery fell 97 cents to $30.72 a barrel. Leading producers Venezuela and Saudi Arabia touched off the decline, dropping hints that the widely expected production boost to be decided on at OPEC's March 27 meeting could top a combined 2 million barrels a day. That may not immediately meet growing world demand, but it should be enough to reverse the alarming decline in dwindling oil stockpiles. In data that contributed to the price slippage Wednesday, the Department of Energy reported that U.S. crude stocks rose last week. ``The market is just feeling that the rally of last week was overdone, and they feel pretty confident that OPEC is going to raise production,' said Phil Flynn, energy analyst for Chicago-based Alaron Trading Corp. ``Next week they could still worry