Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Anyone following UTI Energy Corp.? -- Ignore unavailable to you. Want to Upgrade?

To: 007 who wrote (694)	5/12/1998 6:39:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 1305

NEW YORK, May 12 (Reuters) - News that a source at an Arab energy conference in Damascus said that OPEC member Saudi Arabia has no objections to further output cuts by oil producers lifted NYMEX front-month crude by as much as 22 cents in afternoon trading Tuesday. At 1317 EDT/1658 GMT, June crude was up 128 cents at $15.29 a barrel. It earlier traded at a high of $15.39, up 22 cents from Monday's close of $15.17. "The news from the Saudis is priming up crude," said a NYMEX floor trader. A Gulf source talking to reporters said Tuesday that Saudi Arabia was "not against cuts and is willing to participate in any decision" that will improve weak prices. The source added that Saudi Arabia, Venezuela and Mexico had in recent days been in contact over possible further production cuts. The output cuts could happen before June, the source said, referring to the ministerial meeting of OPEC in Vienna on June 24. Saudi Arabia, Venezuela and Mexico, a non-OPEC producer, crafted the Riyadh agreement in March that led to OPEC and non-OPEC members pledging to cut production by about 1.5 million barrels per day. The cuts took effect in April, but prices have continued to be low and many analysts have maintained additional cuts are needed to mop up excess output and raise prices. Venezuela recently said there was a need for a cut of about 500,000 barrels to raise oil prices.