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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (24342)	3/16/1999 5:16:00 AM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

If you want to be sure where is market heading look at this-- if it breaks on the upside we go much much higher above 402 it goes to 453 area if it breaks on the downside and takes out 388 we are done with this big move up.. finance.yahoo.com^RUT&d=1ymOil Production —March 15, 1999 Mer report.. The deal to cut oil production comes after two days of intense meetings in the Hague and a desperate call for action in an attempt to pull up falling oil prices. Five of the world's largest oil producers including: Algeria, Iran, Venezuela, Mexico, and Saudi Arabia say they'll cut their flow of oil by more than 2-million barrels a day. But it's who initiated the cuts, the Saudis, that is drawing praise from analysts. Michael Rothman, Senior Energy Analyst, Merrill Lynch, "The Saudis seemed intent on securing a meaningful production cutback. This is somewhat uncharacteristic of the Saudis. The fact that they were so intent on getting this is in my opinion so critical." The cuts are especially key now, just a few weeks ahead of OPEC's March 23rd meeting and the decision was met immediately with cheers in oil markets. Within minutes, the price of oil shot up to $13 a barrel in London, a rise also expected elsewhere. Analysts say prices could go as high as $20 a barrel if the cuts are truly made. Michael Rothman, Merrill Lynch, "The details have to show that there's going to be at least a million barrels a day of real reductions in output—not just on paper, but an actual cut in output." And while the cuts are great news for the oil markets they aren't necessarily for motorists who have been riding low oil prices to big savings at the pump. If oil prices do rise to near $20 a barrel, experts say gas prices could also move higher and put an end to the honeymoon motorists have been enjoying at the gas pump for months. In New York, I'm Scott Wapner reporting.