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Gold/Mining/Energy : Tusk Energy (TKE) -- Ignore unavailable to you. Want to Upgrade?

To: Robert McCullough who wrote (1093)	4/9/1999 10:50:00 AM
From: kingfisher	Read Replies (1) \| Respond to of 1207

N.Y. Crude Rises as '99 Demand Seen Exceeding Supply, Ending Global Glut Crude Oil Rises After IEA Reports '99 Demand to Exceed Supply New York, April 9 (Bloomberg) -- Crude oil rose 2 percent, its first gain in four days, after a forecast that global production will fall short of demand this year, raising expectations that a worldwide glut will end. World demand this year will rise 1.2 percent from 1998 while production should slip, provided oil exporters trim output as much as they pledged last month, the International Energy Agency said in a monthly report. High inventories helped send crude oil prices to a 12-year low in December. ''When we see those inventories shrink, we're going to need that oil,'' said Bill O'Grady, vice president, director of fundamental futures research, at A.G. Edwards & Sons in St. Louis, Missouri. Crude oil for May delivery rose as much as 32 cents to $16.15 a barrel on the New York Mercantile Exchange. In London, May Brent rose 29 cents, or 2 percent, to $14.50 a barrel on the International Petroleum Exchange. Prices are up about 3 percent from a year ago. The Organization of Petroleum Exporting Countries and other nations will start cutting output this month in a plan designed to reduce world supply by 2.7 percent. O'Grady said the consensus opinion among analysts is that the IEA is right in its forecast. ''If the production cuts are made and the economies of some of these countries improve, inventories will drop,'' he said. ''You just can't keep this market down.'' -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.