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To: Broken_Clock who wrote (22020)	5/14/1998 4:42:00 PM
From: pz	Respond to of 95453

NEW YORK, May 14 (Reuters) - NYMEX crude oil futures gained further in afternoon trading Thursday following a report that Qatar, Saudi Arabia and the United Arab Emirates had reached a concensus on the need for more output cuts if oil prices remained at their current levels, traders said. The reiteration of what has been called "rhetoric" in the past two weeks or so added to the market's advance, said trader Michael Busby of Northville Industries. "That piece of news was supportive," said another NYMEX trader. At 1415 EDT/185 GMT, NYMEX June crude was up 25 cents at $15.20, extending gains that started midmorning as shortcovering and opening of long positions lifted the market. The June crude traded at a high of $15.30, but earlier in the day it dipped to $14.77, a fresh low, before recovering above $15.00. Refined products also rose. June heating oil added 0.30 cent at 42.95 cents a gallon while gasoline gained 0.70 cent at 51.90 cents a gallon. "We have been testing the downside more than the upside," Busby said, referring to crude's recent decline in the lower part of the $15-$16 a barrel trading range and the recent break below the $15.00 level. "But every time we breach $15, we go back to the range..we are still in range," he said. Busby said other developments are helping raise the spirits of market players. For one, the flow of oil imports from across the Atlantic is slowing, he said. "There's not a lot coming in now and that could mean that stocks here may start to drop," referring to the currently brimming storages in the U.S. Earlier, Qatari Oil Minister Abdullah al-Attiyah said that Qatar, Saudi Arabia and the United Arab Emirates had reached concensus on the need for more output cuts, should oil prices remain where they are now. Asked if the concensus was reached this week at a meeting of Arab oil ministers in Syria, he told Reuters: "Yes, Yes, Yes...This is what my feeling was during consultations." Al-Attiyah's statement came after a report Tuesday in which a Gulf source told reporters in Damascus that OPEC kingpin Saudi Arabia was not against more oil output cuts if prices remained at current levels. The kingdom and major producers Venezuela and Mexico had been in contact recently over possible further production cuts, and if necessary a decision on the issue could be made before an OPEC ministerial meeting in Vienna on June 24, according to the source. Saudi Arabia, Venezuela and Mexico negotiated the Riyadh agreement in March which led to the pledge by OPEC and non-OPEC producers to cut production by about 1.5 million barrels per day.

To: Broken_Clock who wrote (22020)	5/14/1998 5:21:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

OT more inflation news...https://www.siliconinvestor.com/readmsg.aspx?msgid=4459901

To: Broken_Clock who wrote (22020)	5/14/1998 6:44:00 PM
From: Gerald F Bunch	Read Replies (2) \| Respond to of 95453

*O T* P K "Of course the government would like you to believe that! If you believe that the FED isn't melting the presses this past year then you just don't know the facts. Sorry my friend." I couldn't resist this joke somewhat related to your post. The Realities of Politics A little boy goes to his Dad and asks, "What is politics?" Dad says, "Well son, let me try to explain it this way: I'm the breadwinner of the family, so let's call me Capitalism. Your Mom, she's the administrator of the money, so let's call her the Government. We're here to take care of your needs, so we'll call you the People. The nanny, we'll consider her the Working Class. And your baby brother, we'll call him the Future. Now, think about that and see if it makes any sense." So the little boy goes off to bed thinking about what Dad has said. Later that night, he hears his baby brother crying, so he gets up to check on him. He finds that the baby has severely soiled his diapers. So the little boy goes to his parents' room and finds his mother sound asleep. Not wanting to wake her, he goes to the nanny's room. Finding the door locked, he peeks through the keyhole and sees his father in bed with the nanny. He gives up and goes back to bed. The next morning, the little boy says to his father, "Dad, I think I understand the concept of politics now." The father says, "Good son, tell me in your own words what you think politics is all about." The little boy replies, Well, while Capitalism is screwing the Working Class, the Government is sound asleep, the People are being ignored and the Future is in deep shit." Regards GB

To: Broken_Clock who wrote (22020)	5/14/1998 9:03:00 PM
From: sand wedge	Read Replies (1) \| Respond to of 95453

PK, that was some post...you sure you didn't take some of it from a jackson browne song? btw...i agree

To: Broken_Clock who wrote (22020)	5/15/1998 12:26:00 AM
From: waverider	Read Replies (1) \| Respond to of 95453

PK, inflation is caused by the government printing too much money. We don't have inflation. The government has not been printing excess money. Yes I agree we pay a lot in taxes. But how about this one...I'm happy to be payin'. Been 'round the world from Asian jungles to watchin' the Berlin Wall come down. If the taxes I pay account for a third of the freedom and prosperity I have enjoyed in my life time in the United States, they have been well worth it. I can travel on roads that aren't falling apart. I can call a cop without worrying about being taken to jail myself. I can turn on the tap and not worry about my neighbor's fecal material being mixed in. I don't worry about some invading herd taking over my country because we have the best military machine on earth. I know when the chips are down the only currency ANYONE wants to own is the American dollar. I'm not sure what products you think we aren't making anymore, but the names Intel, Microsoft, and Dell computer come to mind. Remember when American cars weren't worth the tin foil they were made of? We learned our lesson and beat the Japanese...again. Yeah, France has CXIPY, but we've got FGII. Yes, all empires fall...but don't start stacking cans of fruit in your basement yet. The American journey has just begun. Guess we'll just have to agree to disagree. Nice country we live in, eh? <H>