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

To: Think4Yourself who wrote (39775)	3/12/1999 12:10:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

From Merrill this am before the announced agm't...."perhaps +1.5...it could well push WTI to high teens in 2H99...we are increasingly convinced that non-OPEC supply will decline this year due to the sharp decline in upstream spending (avg 0.5bpd rising to 1.0 decline by year end), indicating furthur declines for non-OPEC production in 2000...there is also evidence that Asian demand is bottoming and we could see growth of 2% or more by 4Q99...increasing liklihood that spending (by oil companies) will turn by late this year and that 2000 will be a year of recovery....in the small cap area, we particularly like VTS..."