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

To: Redman who wrote (12576)	2/23/1998 12:40:00 PM
From: marc chatman	Respond to of 95453

April Brent -$.43 flashed on CNBC a minute ago. eom

To: Redman who wrote (12576)	2/23/1998 12:46:00 PM
From: Teddy	Read Replies (2) \| Respond to of 95453

February 23, 1998 Crude Oil Futures Tumble On News of Deal With Iraq An INTERACTIVE JOURNAL News Roundup NEW YORK -- Crude oil lost ground in late morning trading Monday at the New York Mercantile Exchange on news that Iraq and United Nations Secretary-General Kofi Annan signed an agreement aimed at resolving the stand-off over U.N. weapons inspections in Iraq. But sellers were unable to push the April crude contract below key support at $15.50, as some hope remains that the agreement may not bring an end to the crisis, analysts said. In late morning trading Monday, April crude oil lost 36 cents to $15.88 a barrel, while March crude oil fell 41 cents to $16.83 a barrel. April crude fell as low as $15.65 early Monday before recovering to a session high of $16.03. The session low of $15.51 was hit in Asian trading. The Iraq-U.N. agreement was signed Monday by Iraq's Deputy Prime Minister Tariq Aziz and Mr. Annan, who arrived Friday in Baghdad to make a last-ditch effort at averting a U.S. attack on Iraq. the agreement reportedly assures the rights of U.N. arms inspectors and does not include a time limit on inspections, a point the U.S. had vigorously opposed, though no firm details were given. However, U.S. President Bill Clinton made no substantive comments on the agreement Monday, and White House officials said they are reserving judgment of the agreement until they see the plan in writing. Mr. Clinton said he plans to talk about the agreement with French President Jacques Chirac and with Russian President Boris Yeltsin late Monday. Oil prices have been hurt by slack demand in Asia and the unseasonably warm weather across much of North America, as well as by a glut in production. The prospective military conflict with Iraq might have bolstered prices in the group, presuming there might be some threat to the globe's oil supply. Petroleum-products futures slid in line with crude oil. March unleaded gasoline shed 0.96 cent to 49.45 cents a gallon, and March heating oil lost 0.72 cent to 44 cents a gallon. Teddy's note: Rig count remained unchanged, as did dayrates.