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

To: pz who wrote (28397)	8/26/1998 2:13:00 PM
From: Captain James T. Kirk	Respond to of 95453

FOCUS-Oil prices recede, shrug off U.S. crude stockdraw By Peter Lardner LONDON, Aug 26 (Reuters) - Oil prices retreated slightly on Wednesday from gains logged earlier in the week, with the nagging reminder of oversupply washing out bullish sentiment from U.S. trade data released overnight, dealers said. Benchmark Brent crude for October delivery traded 13 cents lower at $12.55 a barrel by 1218 GMT in London, around four dollars lower than last year's average. The loss came in spite of weekly inventory data from the United States showing a crude oil stockdraw of some 5.5 million barrels. Traders were quick to note that inventory levels were still some 30 million barrels over last year's levels. The market also shrugged off a decision by oil producers Mexico, Venezuela, and Saudi Arabia to postpone a meeting planned for this week to discuss international oil prices. While oil ministers from those countries had said they did not plan to enact further cuts in their oil exports at the meeting, the summit had at least given prices moral support by demonstrated continued producer concern over flagging export revenues. The three countries have decided to await August crude price information before meeting to analyse the market, the Mexican Energy Ministry said on Tuesday. Earlier in the week, oil prices had drawn support from disruption to 800,000 barrels per day (bpd) of crude supply from OPEC member Nigeria due to community disturbances and a pipeline leak. Exports from Nigeria's Brass River crude terminal, which normally handles 125,000 bpd of output, was also closed in by protests from local people, an official with the operator, Italian oil company Agip, said on Wednesday. Crude prices are languishing less than a dollar above a 10-year low touched earlier this month, even though producers have pledged three million bpd of output cuts, 2.6 million bpd of them from OPEC member states. The glut has grown because of falling demand growth in Asia, increasing Iraqi exports, and a mild winter. Prices in dollars per barrel: Aug 26 Aug 25 (1218 GMT) (close) IPE October Brent 12.55 12.69 NYMEX October light crude 13.64 13.75