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

To: Harold S. who wrote (24323)	6/17/1998 6:40:00 PM
From: Grommit	Respond to of 95453

The paper edition of wall street journal has an encouraging article also. But it says that there is is such a glut that a 3rd round of cuts this autumn will be required to get back to $18 oil.

To: Harold S. who wrote (24323)	6/17/1998 7:35:00 PM
From: Czechsinthemail	Respond to of 95453

Though it was nice to have an up day, it was a bit tarnished by having crude oil prices give back about half of their gain, and most of the drilling stocks finished closer to their lows than their highs for the day. I think the continuation of the rally will depend on crude continuing to strengthen. Perhaps we will get some additional news about additional production cuts, but otherwise I think there is a good chance the pervasive negative sentiment on oil may reassert itself. I lightened up a bit on the rally today. Hopefully, I won't wish I'd lightened up more. Baird