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To: Jon Cave who wrote (69367)	7/10/2000 11:12:46 AM
From: Jon Cave	Read Replies (1) \| Respond to of 95453

Crude lower amid Clinton plan to release SPR o B: NYMEX Oil: Crude lower amid Clinton plan to release SPR oil By Peter Rosenthal, BridgeNews New York--July 10--Crude oil futures fell Monday, digesting news that President Bill Clinton will release 2.0 million barrels of crude from the U.S. Strategic Petroleum Reserve as part of an effort to create a similar reserve of heating oil in the Northeast. However, traders remained focused on expectations that OPEC will boost crude output again soon. 1018 ET, Aug crude was down 42 cents at $29.86 a barrel, while IPE Brent crude was off 39c at $29.31. * * * NY Aug gasoline fell 29 points to 92.35 cents a gallon, while Aug heating oil was down 65 points at 78.25 cents a gallon. Clinton is expected to announce the SPR release at 1215 ET Monday, when he will also announce plans for establishing a new home heating oil reserve to help Northeast consumers this winter. (Story .15506) White House Press Secretary Joe Lockhart said the SPR oil would be released immediately to U.S. refiners. But home heating oil distribution will still have to be authorized by Congress. "I'm still not sure how this is going to work," said a broker. Another questioned: "Where are they going to get the heating oil from?" More Love that last quote <g>.