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

To: rocklobster who wrote (24012)	6/12/1998 6:02:00 PM
From: The Ox	Read Replies (2) \| Respond to of 95453

From AOL Market News Center Futures: Oil prices had fallen steadily during the week toward nine-year lows as traders shrugged off fresh promises by world oil producers to end the global oil glut. But the markets took a little bounce late Friday after an Iraqi official cast a shadow over the country's oil-for-food deal with the United Nations. Iraq's United Nations Ambassador Nizar Hamdoon said Iraq would halt the deal altogether unless the United Nations changed the wording in parts of the deal on obtaining spare parts for its oil industry. Under the agreement, Iraq has been exporting up to $2 billion of oil every six months since December 1995 and using most of the money to buy food and other supplies. Iraq is still under U.N. trade sanctions dating from the 1991 Gulf War. The idea that Iraqi supplies could be disrupted was enough to cause speculators to buy back contracts in oil markets in order to square positions ahead of the weekend. July crude oil ended 16 cents lower at $12.59 a barrel, but traders said the Iraqi news halted what had looked like a sure break through the 9-1/2 year low of $12.50. July gasoline ended 0.27 cent a gallon higher at 46.30 cents and July heating 0.07 cent a gallon higher at 38.12 cents.