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

To: Mike from La. who wrote (39692)	3/11/1999 8:13:00 PM
From: Bilberry	Respond to of 95453

FOCUS-New oil price highs as Saudi pledges big cuts soon LONDON, March 11 (Reuters) - Oil prices pushed to new four month highs on Thursday as Saudi Arabia promised quick progress on a new output cut package to revitalise lowly world oil prices. Benchmark Brent crude was 19 cents up at $12.65 a barrel by 1656 GMT, surpassing Wednesday's peak. Prices climbed after Saudi Arabian oil minister Ali al-Naimi said between sessions of a surprise producer summit in the Hague that he expected ''substantial'' new oil output cuts soon. Initial talks between oil ministers of OPEC powers Saudi Arabia, Venezuela, Algeria and Iran as well as a top official from non-OPEC Mexico had lasted around three hours. All returned for a second session of talks by 1630 GMT. biz.yahoo.com

To: Mike from La. who wrote (39692)	3/11/1999 8:19:00 PM
From: sportsman	Respond to of 95453

Does anyone have any thoughts on the VERY high volume on MRL today? MRL closed up 5% when most drillers were down. Sportsman

To: Mike from La. who wrote (39692)	3/11/1999 8:20:00 PM
From: Bilberry	Read Replies (2) \| Respond to of 95453

Mexico's Lajous says hopes for oil cut deal Friday AMSTERDAM, March 11 (Reuters) - The head of Mexico's state oil company, Petroleos Mexicanos (PEMEX), said on Thursday that he and other officials from major oil producing countries were still working on a deal to cut production. ''We are still working on it,'' Adrian Lajous, PEMEX head, told reporters returning from Thursday's round of talks in the Hague, Netherlands. He confirmed that talks with the oil ministers of OPEC members Saudi Arabia, Iran, Algeria and Venezeula would resume on Friday. Asked if he expected a deal to be reached on Friday, Lajous said: ''I hope so,'' but declined to say anything further. Mexico is not a member of OPEC but has led output restraint efforts since it reached an historic pact with Venezuela and Saudi Arabia last March in Riyadh, Saudi Arabia. The three subsequently led a deal to cut 3.1 million barrels per day (bpd) from world oil production, with 2.6 million bpd coming from OPEC members, excluding Iraq which effectively can produce as much as it can because of its special deal with the United Nations. The Gulf Arab members of OPEC last weekend agreed to ''substantial,'' but as yet unspecified, output cuts. A Gulf delegate told Reuters on Wednesday that they were looking for a deal to take 2.3 million bpd off the market. A delegate to the talks in the Hague earlier said the talks would resume there on Friday at 1000 a.m. local time, 1100 GMT. biz.yahoo.com

To: Mike from La. who wrote (39692)	3/11/1999 8:25:00 PM
From: sportsman	Read Replies (1) \| Respond to of 95453

Also, this comes from the Yahoo boards FWIW: <At about the same time that huge block crossed, NE announced that they are floating $400 million in debt. NE is already sitting on a $200 million pile so something could be up there. I don't know how much financing would be required to swing a buyout of MRL, but they now have more than the current market cap available. Hmmmm!> Comments? Sportsman

To: Mike from La. who wrote (39692)	3/11/1999 8:59:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

Next resistance area for OSX is 70ish according to my trading software, since Jan peak was exceeded on a print basis today. It would appear that we may have finished the (iv)subwave of Wave 3 this pm or tomorrow am, to be followed by another slight new high to 63ish above Thurs' high to complete Wave 3, then another pullback for Wave 4 and finally a Wave 5 move towards 70....that would complete 5 waves up from the 47ish start of this move...After that, a retrace back to say 55-60 and ,IF this is the real thing,then another surge later towards 80 and maybe higher......Positive news from OPEC mtg Fri would spark the slight new high to 63ish but i suspect it would start to be sold off shortly after the new interim high(buy rumour sell fact)..... my 2c for free(vbg)