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

To: Crimson Ghost who wrote (32577)	12/7/1998 8:03:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

OPEC news: Mexico, Saudi Arabia, EIA - world oil supply for 1999 biz.yahoo.com biz.yahoo.com biz.yahoo.com

To: Crimson Ghost who wrote (32577)	12/7/1998 8:12:00 PM
From: The Ox	Respond to of 95453

Monday December 7 5:28 PM ET Crude Oil Ends Higher, Commodity Index Drops By Clive McKeef NEW YORK (Reuters) - Crude oil prices ended higher Monday, after seeing their lowest levels in 12 years, but soybeans, wheat, sugar and cotton prices all ended lower, leaving the benchmark Commodity Research Bureau commodity price index at a new 26-year low. The index ended down 0.1 percent at 194.87 points, its lowest level since 1972. ''There is no doubt that fundamentals remain sloppy (for crude oil) on high inventories, poor Asian demand and doubts about OPEC,'' said John Saucer, an analyst with investment bank Salomon Smith Barney. ''But we could strongly argue that much if not all of the negative news is already well discounted into prices that have not only skidded over 5 dollars a barrel this quarter, but have declined 60 percent in value from the high around $27 hit nearly two years ago,'' he said. On the New York Mercantile Exchange, crude oil for January delivery ended 30 cents higher at $11.47 a barrel, after seeing a new 12-year low at $10.82 a barrel last week. Meanwhile, on the London International Petroleum Exchange Brent crude oil for January delivery slipped to a new 12-year low at $9.90 a barrel Monday, before ending higher. Crude oil prices received some support late in the day after Saudi Arabia's Crown Prince Abdullah called on oil producers to take further measures to stop the slide in oil prices. The latest meeting of oil ministers of the Organization of Petroleum Exporting Countries in Vienna last month failed to agree on new production cuts, or to extend the current agreement to cut 2.6 million barrels per day beyond next June.