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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: chalu2 who wrote (6224)	3/8/1999 2:34:00 PM
From: Ron Bower	Read Replies (1) \| Respond to of 78476

Interesting article on oil prices: *************** Hopes of Opec intervention keep crude oil prices firm Oil prices held firmly to recent gains on Friday following signals that producer club Opec might consider fresh action to support the glutted markets. Hopes that the Organisation of Petroleum Exporting Countries may solve a dispute blocking attempts to make further output cuts have pushed prices up 70 cents over the week. International benchmark Brent crude for April delivery in London ended two cents higher at US$11.55 a barrel, some $2 above December's 12-year lows. The possibility that Opec might decide new production curbs at a meeting later this month lured buyers back into the market at the middle of the week as US investment funds sought to cover positions. Opec heavyweight Iran is embroiled in a dispute with other members of the cartel over the production baseline it was assigned last year when producers agreed to a series of output cuts, arguing it is much too low. But a recent flurry of Iranian diplomacy has raised sellers' hopes that Opec would go beyond the 2.6 million barrels per day (bpd) in output reductions it agreed last June. Iranian diplomats say Foreign Minister Kamal Kharrazi 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 gathering, and has called for more production cuts to lift prices from their current trough.