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To: Mohan Marette who wrote (35242)	3/23/1998 8:41:00 AM
From: Lee	Read Replies (1) \| Respond to of 176388

Morning Mohan,...Re:<<besides these guys (OPEC) never keeps their promises.>> Mohan, you hit the nail on the head. You are right that in the past these agreements were always broken. But further out, when Japan gets it's act together, and the situation in SE Asia stabilizes, demand will return and that will eventually push crude prices higher. In the short term though, looks like it scared the bond market. Interest rate opened up to 5.913% (from 5.88%). Not much but might cause some pressure on stocks but the S&P is off it's lows of earlier this morning. Regards, Lee

To: Mohan Marette who wrote (35242)	3/23/1998 8:44:00 AM
From: Sr K	Read Replies (1) \| Respond to of 176388

The oil markets are affected for six months while Iraq is allowed to produce and sell outside Iraq. I think we're about 2 months into those 6 months. Domestically, UPS didn't lower rates and neither did any other carriers that I'm aware of. No one is offering a fuel credit (although at $22+ FedEx did impose a fuel surcharge). It was just a windfall for the truckers, etc. that everyone knows is temporary. A bounce back to even $18/bbl would not affect our markets, IMHO, because they look out 6+ months.