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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever -- Ignore unavailable to you. Want to Upgrade?

To: Geoff Altman who wrote (47)	2/1/1999 1:12:00 PM
From: Night Writer	Respond to of 123

Crude oil futures and products advanced Friday on the New York Mercantile Exchange after Venezuela, the largest exporter of crude to the United States, said it would consider another round of oil cuts in a bid to boost prices. Crude jumped in late trading after Venezuela's new energy and mines minister, Ali Rodriguez, said his country was working with members of the Organization of Petroleum Exporting Countries and other world oil producers on another round of concerted output cuts. Oil prices have hovered near 12-year lows for months despite producers' efforts to prop them with output cutbacks totaling more than 3 million barrels a day. Analysts have said at least an additional 1 million barrels daily must be taken off the market to have a lasting effect on prices and have noted that many producers still are exceeding quotas. Rodriguez said Venezuela should reach full compliance to cut 525,000 barrels a day in February. His statements were heartening to futures traders, who this week found solace in domestic industry reports showing sharp declines in refinery operations and smaller inventories of heating oil and unleaded gasoline as a result. The only negative to that news had been continued large crude inventories, and efforts by world oil producers to deal with that situation could have a solid effect on prices. World oil prices have fallen sharply amid a glut that has been exacerbated by sharply lower demand from Asia, Russia and parts of Latin America. (AP)