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To: The Ox who wrote (75289)	10/2/2000 7:24:01 AM
From: The Ox	Respond to of 95453

Oct. 2-MAR-- [B] IPE Oil: Nov Brent called to open 30-35c per barrel firmer By Bruce McMahon, BridgeNews London--Oct. 2--IPE November Brent crude futures were called to open U.S. 30-35 cents per barrel firmer Monday following gains Friday that saw front-month Brent hit $30 per barrel. At 0845 GMT, IPE Nov Brent crude traded electronically at $30.15, up 31c, while IPE Oct gas oil traded at $294.75, up $7.00. Meanwhile, at 0845 GMT, NYMEX Nov WTI traded up 46c at $31.30 per barrel on Access. * * * MARKET: --"There's little fresh news to come out over the weekend," said one broker. "Brent tested $30 on Friday as people bought in the earlier dips, but broke $30 this morning, so we'll see some consolidation today." --Kuwait Oil Minister Sheikh Saud Nasser al-Sabah said Sunday current oil prices were acceptable to "all," in an apparent reference to oil-importing and oil-exporting nations. He said his country would seek to maintain current price levels, hinting that a new output increase was not a current option for the Gulf state. (Story .11390) --Meanwhile, in keeping with OPEC's decision to raise output by 800,000 barrels per day (bpd) from Oct. 1, Iran increased its daily oil output by 116,800 bpd, according to the daily Entekhob newspaper. This takes the country's total output to 3,843,800 bpd, the newspaper said. --Venezuelan President Hugo Chavez said he was in agreement with the position of the Saudi Arabian government on oil policy and said he was ready to act jointly with other OPEC members to ensure price stability. Chavez said he had the assurance of Saudi Arabia's Crown Prince Abdullah that Saudi Arabia would not act unilaterally. (Story .18313) --EU finance ministers Friday left open the possibility of releasing part of the EU's strategic oil reserves in order to bring down oil prices. However, a dialogue with oil producers would be essential to ensure that any release actually brought prices down, Belgian Finance Minister Didier Reynders said. (Story .18661) UPCOMING: --IPE Nov Brent futures expire Oct. 16, Nov options expire Oct. 11. --IPE Oct gas oil futures expire Oct. 12, Oct options expire Oct. 5. --NYMEX Nov crude futures expire Oct. 20, Nov options expire Oct. 17. PRICES (0845 GMT): Last High Low Change IPE Oct gas oil $294.75 $294.75 $287.75 up $7.00 IPE Nov Brent $30.15 $30.40 $30.10 up 31c NYMEX Nov WTI $31.30 $31.44 $30.95 up 46c