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

To: Teddy who wrote (14223)	3/9/1998 4:56:00 PM
From: Lazlo Pierce	Read Replies (1) \| Respond to of 95453

Just caught the tail end of a CNBC interview with this guy named Maxwell. VERY bearish on oil prices and stocks for the next year, saying basically he doesn't see this as a V type correction, ie hit bottom and spklie back up, rather a prolonged scenario inwhich the price of oil stays down for a long while. Dave

To: Teddy who wrote (14223)	3/9/1998 5:07:00 PM
From: SJS	Respond to of 95453

A snip from my buds... Briefing.com OIL AND OIL SERVICES STOCKS. Oil prices have fallen further today and Brent crude in London trading hit the lowest level since 1988, at $12.99 a barrel. Saudi Arabia said that it would not let other OPEC members steal its customers, which suggests that additional price competition could continue to hurt the cartels pricing power. As a result, oil stocks and oil services stocks are sharply lower today. Chevron (CHV) -2 1/2, Texaco (TX) -1 7/8, and Mobil (MOB) -1 1/4 are examples, and in the services sector, Schlumberger (SLB) -2 3/4, BJ Services (BJS) -2 3/8, and Halliburton (HAL) -2 1/4 lead the declines. Most of these stocks have been on a very strong run since early this year, boosted in part by the Halliburton-Dresser deal announced February 26. So, some of the selling might be profit-taking simply triggered by the drop in oil prices. However, Wall Street analysts have generally remained bullish on these stocks in part because of an expected rebound in oil prices. That may well happen, but it hasn't happened yet and each passing day calls into question some of the earnings leverage for these companies based on an expected bounce in oil prices...