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

To: Paul Angell who wrote (30333)	10/5/1998 10:07:00 AM
From: RGinPG	Respond to of 95453

CORRECTED-Oil trio offer little for Asian crude futures 04:26 a.m. Oct 05, 1998 Eastern By Neil Fullick infoseek.com SINGAPORE, Oct 5 (Reuters) - A weekend meeting between the oil ministers of Saudi Arabia, Mexico and Venezuela failed to provide much fuel for the Asian oil market on Monday, leaving prices languishing around Friday's levels. November crude futures on the New York Mercantile Exchange (NYMEX), trading on the electronic ACCESS system, were last traded at $15.64 per barrel at 0645 GMT, unchanged from Friday's close in New York. ACCESS volume was also very light. November Brent futures, trading on the Singapore International Monetary Exchange (SIMEX), were untraded at 0645 GMT with November offered at $14.44, compared with London's close of $14.36. ''Nothing really significant came out of it (the meeting),'' a New York based broker said on Monday. The oil ministers of key oil producers Saudi Arabia, Mexico and Venezuela met in Cancun, Mexico on Friday and said they would push to extend the current pledges of global cuts in crude production. Mexican oil minister Luis Tellez said that his country would extend by six months to the middle of 1999 its export cuts of 200,000 bpd. Saudi Arabian oil minister Ali al-Naimi and his Venezuelan counterpart Erwin Arrieta said they would press the Organisation of Petroleum Exporting Countries (OPEC) to extend cuts of 2.6 million bpd by six months to the end of 1999. They stopped short of opening the way for more production cuts. ---------------------------------------------------------------------- Looks like it will be a few more flat to down days before the end of this short term downcycle osxstocks.com