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

To: NucTrader who wrote (17239)	3/30/1998 8:09:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

Nuc- Have you tried looking at candlestick charts? They show how the various stocks can engage in patterns. CDG likes to open higher then sell off...even when its rising in a trend it will do this.

To: NucTrader who wrote (17239)	3/30/1998 8:29:00 PM
From: iandiareii	Read Replies (2) \| Respond to of 95453

OPEC conference backs landmark oil output cuts 08:03 p.m Mar 30, 1998 Eastern By William Hardy VIENNA, Austria (Reuters) - OPEC oil producers Tuesday approved their first output cuts in years under a milestone pact to lower supply and raise prices in alliance with non-cartel petroleum powers. An emergency meeting of the Organization of the Petroleum Exporting Countries backed the cuts as part of an agreement with non-OPEC exporters aimed at shaving about 2 percent off world production, oil ministers said. ''It is enough,'' Saudi Arabian Oil Minister Ali al-Naimi said after a seven-hour session sealed the 1.245 million barrel-per-day (bpd) OPEC contribution to the cuts. ''There is a general feeling that what we have is good, simple and logical in terms of supply and demand,'' said a senior Persian Gulf OPEC official. The wide-ranging accord reached by Saudi Arabia, Venezuela and non-OPEC Mexico in the Saudi capital, Riyadh, on March 22 has garnered support from 10 of OPEC's 11 members plus non-OPEC Oman, Egypt, Yemen and Norway. Non-OPEC countries have pledged cuts of 270,000 bpd, making a total of 1.5 million bpd in overall promised cuts as part of a package of reductions to lift prices after a long slump. Oil markets' initial reaction to the accord was a firm thumbs down. Nigel Saperia, managing director of oil trading at Bankers' Trust International, said: ''To make a difference they have to do more than that, but it will take a month or two'' before the results of any cuts would be felt. ''I still find it hard to believe that we have seen the low of the year.'' U.S. light crude was around 10 cents down in overnight trade, and benchmark Brent crude earlier slumped 63 cents to close at $14.77 as the talks dragged on. Other dealers had said before the accord was sealed that they would be looking for solid evidence of implementation in the weeks ahead. A price fall of 40 percent from October to mid-March sliced billions of dollars off OPEC revenues, pummeled company stock values and sowed doubts about the viability of exploration in remote regions. The slump was caused by weak demand in cash-strapped Asian countries, a 10 percent rise in OPEC's 1998 production ceiling, a mild Northern Hemisphere winter and increased Iraqi exports. A communique delivered by an OPEC spokesman confirmed the group would cut 1.245 million bpd from recent output of 26.99 million bpd until the end of 1998. The deal, excluding OPEC member Iraq, left the 10 remaining members of the cartel pledged to restrict supply to 25.74 million bpd. The communique said an appeal was made to other non-OPEC oil exporters which have not yet offered reductions to support the market by moderating output. Iran lent weight to the accord after the meeting when Oil Minister Bijan Zanganeh said his planned reductions would definitely remove Iranian oil from the market. Its approach to the pact's detailed implementation had until then been unclear. ian