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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: BamaReb who wrote (7665)	3/9/1998 11:33:00 PM
From: qdog	Read Replies (1) \| Respond to of 11888

Here you go Bama. An excerpt from WSJ tonight. I hadn't heard about the rumour about King Fahd, but that could be something to watch. Still, it didn't affect this market. The nearby April crude-oil contract, the futures contract closest to physical delivery, dropped 58 cents a barrel to $14.33. Earlier in the session, the contract dropped 76 cents a barrel to $14.15, the lowest point for nearby crude futures since April 1994. April heating oil fell 1.22 cents a gallon to 40.93 cents a gallon, and April gasoline dived 2.02 cents a gallon to 46.28 cents. Earlier Monday, April heating oil struck a nine-year low of 40.40 cents, and April gasoline set a near four-year low of 45.70 cents. The Saudi decision, which comes a week after Venezuela's oil minister, Erwin Arrieta, declined an invitation to attend the talks, obliterated any chance that the Vienna gathering will become a higher-level emergency meeting, where output cuts could be considered. Riyadh's decision was first hinted at Sunday when Saudi Oil Minister Ali Naimi said in an interview with his country's press agency that it will be "difficult indeed" for OPEC to reach collective action on cutting output because "some countries, especially those which exceed their quotas, indicate that they aren't prepared to reduce their production." "Saudi Arabia's comments make it clear that there won't be an emergency OPEC meeting, and that Riyadh is adamant that it won't act alone to support oil prices," said Tom Bentz, an energy analyst with brokerage firm Cresvale International in New York. "That leaves the market with little hope that prices will turn around any time soon." Riyadh has repeatedly stated that it refuses to cut back its enormous production capacity in the interest of boosting oil prices as long as OPEC members, such as Venezuela, Qatar and Nigeria, continue to produce over production quotas set by the cartel. News that Saudi leader King Fahd Bin Abdulaziz was admitted to a hospital in Riyadh with a gall bladder infection didn't move prices Monday, but a few analysts said they were keeping an eye on the situation. "If he takes a turn for the worse or he dies, the market is likely to rally. Saudi Arabia's stability depends on King Fahd," said one analyst. Gasoline and heating oil futures were also pressured by the coming end to U.S. refineries' extensive winter maintenance period. That will occur just as the peak winter heating-oil season draws to an end, while gasoline demand is expected to be slack until the spring/summer gasoline driving season arrives in a few months.