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To: SliderOnTheBlack who wrote (26963)	8/3/1998 8:04:00 PM
From: Snowshoe	Respond to of 95453

Oil, metal, grain prices slide lower By Clive McKeef Monday August 3 6:19 PM EDT NEW YORK (Reuters) - Oil, metal and grain prices slid lower Monday, dragging benchmark commodity price indexes to new five-year lows. Only three of the 22 commodities actively traded on U.S. exchanges ended higher -- coffee, pork bellies and natural gas. The Commodity Research Bureau index lost a further 0.6 percent to end at 204.69 points, its lowest level since June 1993. At the New York Mercantile Exchange, crude oil and refined product futures ended lower amid continued worries about oversupply from members of the Organization of Petroleum Exporting Countries and high inventories of heating oil and gasoline, analysts said. Crude oil for delivery in September ended down 51 cents at $13.70 a barrel, a 10-day low for the contract, but remain above the 11-year lows seen for a spot contract at $11.50 in June. Heating oil for September delivery slid 0.92 cent a gallon to 35.81 cents, leaving front-month heating oil prices near the nine-year lows seen Friday of 35.00 cents a gallon. September gasoline lost 0.49 cent to 41.88 cents a gallon, not far from the four-year low of 40.35 cents for the front-month contract seen last week. "The widespread expectation is that OPEC will have some problems fully living up to its pledged production cuts, and the impact on the global supply/demand balance will be quite gradual and to some extent muted by high levels of inventory cover," said John Saucer, an analyst with investment bank, Salomon Smith Barney. On Saturday, Luis Giusti, president of Venezuela's state oil company Petroleos de Venezuela, said his country should not make any further oil production cutbacks. In June, OPEC members agreed to cut production by 1.355 million barrels per day, on top of 1.245 million barrels per day pledged in March in attempts to push up slumping oil prices. "However, oil markets are also faced with swollen inventories of clean product (heating oil and gasoline) that have already cut deeply into refinery margins and may in turn cut into refining activity," Saucer said. "This development could go a long way toward countering the positive impact of OPEC's best efforts in the months ahead." dailynews.yahoo.com