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

To: SliderOnTheBlack who wrote (39022)	3/5/1999 10:56:00 AM
From: Platter	Respond to of 95453

Oil shares continue OPEC, Dow inspired bounce NEW YORK, March 5 (Reuters) - Prices of major oil company shares continued a rally which started on Wednesday on hopes the Organization of the Petroleum Exporting Countries will agree a further cut in output at their meeting on March 23. "The stock rally is largely related to the expectation that OPEC may take further action," said Eugene Nowak, analyst at ABN AMRO Inc, who noted that meetings between OPEC kingpin Saudi Arabia and Iran had been "relatively amicable". By 1009 EST Texaco Inc. <TX.N> stock had surged 1-1/2 to 49-1/2, while the wider group, measured by the Standard & Poor's Oil International Index <.SPOILI> rose 1.6 percent to 802.54 points. A recent flurry of Iranian diplomacy has raised sellers' hopes that the OPEC cartel would go beyond the 2.6 million barrels per day in output cuts it agreed last summer. Iranian diplomats say Foreign Minister Kamal Kharrazzi will visit fellow OPEC member Venezuela on March 17 for two days to discuss the coming group meeting. Kharrazi has already visited OPEC members Saudi Arabia and Libya to discuss the March 23 meeting, and has called for more production cuts to lift prices from their current trough. "I am not surprised by the rally, the stock market in general is strong and this group tends to be pretty volatile when there is a sign there may be an improvement in fundamentals. Fund managers are keen to move into the group, which is fairly liquid," Nowak said. He cautioned however that the rally may be short-lived. "I would not be chasing these stocks. We will see how long it lasts," Nowak added. Exxon Corp. <XON.N> rose 1-8/16 to 69-3/8, Mobil Corp. <MOB.N> 1-8/16 to 87-1/16 and Chevron Corp. <CHV.N> 1-1/16 to 80-3/8.