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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Tom Byron who wrote (15441)	8/6/1998 4:25:00 PM
From: Giraffe	Read Replies (1) \| Respond to of 116922

From Financial Times ... OIL: Prices rises as Iraq dispute escalates By Robert Corzine and Gary Mead Crude oil prices firmed again yesterday in response to the developing confrontation between Iraq and the UN over arms inspections. The bellwether Brent Blend for September delivery was quoted at $12.91 a barrel in late trading on London's International Petroleum Exchange, 21 cents up from Tuesday's close of $12.70. Yesterday's rise was moderated, however, by bearish stock data from the US, where the American Petroleum Institute reported that crude inventories rose by 1.8m barrels over the past week to 344m barrels. The increase of refined product stocks in the US threatens to add a new dimension to the oil price slump, according to Philip Verleger, a US energy economist. In his latest report he says a shortage of storage could lead to reduced refinery runs and lower crude demand by as much as 1m barrels a day. That, he says, "could easily delay or even stop the market adjustment process anticipated by Opec" when it cut crude output. On the London Metal Exchange trading drifted sideways again in the absence of fundamental news and investment fund activity. Three-months copper closed $2.50 a tonne higher at $1,658.50; most other base metals were equally trapped in price-bands, save nickel which shed $25 to end at $4,175. On the London International Financial Futures Exchange, September coffee closed at $1,665 a tonne, $13 higher. Cocoa trading was dull and the September future ended the day unchanged at œ1,066.