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

To: Platter who wrote (36722)	2/4/1999 8:56:00 AM
From: Tomas	Respond to of 95453

Bloomberg: Oilfield Shares Rise as Tensions Between U.S. Iraq Increase New York, Feb. 3 (Bloomberg) -- Shares of Halliburton Inc., Schlumberger Ltd. and other oilfield service companies rose after heightened tensions with Iraq increased optimism that oil prices will rise. The Standard & Poor's Oil Well Equipment & Services Index of four large oil service companies rose 164.07, or 6.2 percent to 2802.35. The index includes Halliburton, the largest oil service company, which climbed 2, or 7 percent, to 30 3/16. Schlumberger, the second-largest, rose 2 13/16, or 5.7 percent, to 52 7/16. The possibility of lower oil exports boosted the price of crude oil 14 cents to $12.34 a barrel on the New York Mercantile Exchange. In addition to the potential for cutbacks in Iraqi production if fighting with the U.S. escalates, Venezuela and Saudi Arabia are hinting they may cut output, analysts say. ''If those scenarios play out in those countries, investors are thinking oil prices will continue to go up and oil services stocks will do well,'' said Marshall Adkins, an analyst at Raymond James & Associates. The Standard & Poor's Midcap Oil & Gas Drilling Equipment & Service Index climbed 11.12, or 6.1 percent, to 193.00. The index includes 10 companies. Among them, Weatherford International Inc. rose 1 15/16, or 11 percent, to 19 7/8, while Smith International Inc. rose 2 3/16, or 8.7 percent, to 27 1/4. Nabors Drilling Corp. rose 15/16, or 7.25 percent, to 13 7/8. The United Nations decided to withdraw its last two U.S. employees from Iraq. That led to a short-lived concern of a military confrontation with Iraq, boosting oil prices. The U.N. took action a month after Baghdad said it was unable to guarantee the safety of UN personnel from the U.S. and U.K. in the wake of air strikes by the two countries. In Venezuela, a new president and oil minister are trying to arrange talks with the Saudis and other oil producing nations aimed at boosting prices.