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

To: Wowzer who wrote (77739)	11/2/2000 9:39:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Nov. 2-MAR-- By Jim Washer, BridgeNews London--Nov. 2--IPE December Brent crude and November gas oil futures were trading sharply lower Thursday morning after overnight news of a new Israel-Palestinian peace deal eased market worries about tensions in the Middle East region. * * * MARKET: --Israel and the Palestinians have reached an understanding to try to end more than a month of deadly violence that has rocked the Palestinian territories, Israeli Prime Minister Ehud Barak's office said Thursday. "During a meeting held tonight (Wednesday) in Gaza, an understanding was reached between Israel and the Palestinian Authority concerning a number of steps on the basis of Sharm el-Sheikh which are supposed to bring about a renewal of the security cooperation and a cessation to the violence and incitement," a spokesman for Barak said. (Story .24846) --The Israel/Palestine deal had been the main story for the market so far Thursday, brokers said. The morning session had seen the December Brent contract test support around $30.75-30.76 per barrel, and the expectation now was that further downside tests would be seen once the New York market opened, one broker said. --More supportive for prices was Iraq, brokers said, and its apparent deal with Syria to reopen a 200,000 barrels per day oil export pipeline across Syrian territory. Market interest in this development was not so much on account of the Iraqi crude that might be diverted via Syria, one broker said, but because of any possible Iraqi suspension of its oil exports should the United Nations attempt to block the move. Iraq wants any sales via Syria to fall outside the oil-for-aid deal between Baghdad and the UN. But as brokerage GNI Ltd noted in a research report Thursday, "so far there has been no threat (from Iraq) to suspend exports if (Iraqi President Saddam Hussein) does not get his way." --For a summary of other oil news stories, see Story .1911. UPCOMING: --IPE Dec Brent crude futures expire Nov. 15, Dec options expire Nov. 10. --IPE Nov gas oil futures expire Nov. 10, Nov options expire Friday. --NYMEX Dec crude futures expire Nov. 17, Dec options expire Nov. 14. --NYMEX Dec products futures expire Nov. 30, Dec options expire Nov. 27. PRICES (at 1159 GMT): Last High Low Change IPE Nov gas oil $286.25 $286.50 $284.25 dn $4.75 IPE Dec Brent $30.84 $31.06 $30.75 dn 47c End