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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (1678)	3/15/2001 11:58:23 AM
From: excardog	Read Replies (1) \| Respond to of 23153

Michael Could you put a number on the OSX trend line your talking about. 115ish OSX ? From Bridge: DJ Nymex Midmorning:Crude Drifts As OPEC Mulls Output Cut NEW YORK (Dow Jones)--Crude oil futures were in shallow negative territory Thursday morning as an early attempt at recovery from Wednesday's sharp sell-off fizzled. April crude futures at the New York Mercantile Exchange were off 23 cents at $26.18 a barrel after rising as high as $26.72 a barrel in overnight trading. Petroleum products fell in sympathy, with April gasoline down 1.15 cents at 85.55 cents a gallon and April heating oil off 54 points at 69.80 cents a gallon. "There was some selling by funds early on, some followthrough selling from yesterday's sell-off, but we haven't taken down any major levels," a trader said. Wednesday's sharp sell-off, triggered by worries over the global economic weakness, a bearish demand outlook and an increase in U.S. oil inventories, pushed crude oil futures to their lowest level since late December. Although oil prices remain vulnerable to further declines due to those worries, analysts said the growing likelihood of a large production cutback by the Organization of Petroleum Exporting Countries is likely to temper their losses in the short term. OPEC members gathering in Vienna for a meeting Friday and Saturday hinted that the group is nearing consensus to cut output by 1 million barrels a day. OPEC in January cut output quotas by 1.5 million barrels a day in response to an expected seasonal decline oil demand in the second quarter. The group is undertaking a second output cut because it fears the global economic slowdown will further depress oil consumption this year. "It looked like we were going to try and open higher based on those high cut estimates that we have seen, but it didn't get higher," said Chris Schacte, analyst at GSC Energy. "I guess people are bearish given the economic picture." But traders remain apprehensive that OPEC members may cheat on quotas and key non-OPEC producers Mexico and Norway may not take part in the new round of output cuts. "Traders will interpret any cut of 1 million barrels a day as less than 1 million barrels a day," said Tom Bentz, an analyst at BNP Paribas Futures in New York. OPEC, excluding Iraq, produced 25.65 million barrels a day of oil in February, 450,000 barrels a day above quotas approved in January ,according the the Middle East Economic Survey. Analysts expect a new cut of 1 million barrels a day in quotas to result in an actual drop in production of about 600,000 barrels a day. At 10:57 a.m. EST, April crude was off 6 cents at $28.35 a barrel, April heating oil was off 19 points at 70.20 cents a gallon and April gasoline was down 70 points at 86.00 cents.