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

To: Big Dog who wrote (42165)	4/13/1999 8:26:00 PM
From: Wowzer	Respond to of 95453

Tuesday April 13, 6:47 pm Eastern Time Oil prices boosted by Balkan crisis, Iran output cut By Haitham Haddadin NEW YORK, April 13 (Reuters) - Oil rose on a combination of bullish headlines on Tuesday, including fears of a widening Balkans crisis as well as production and export cuts by Iran and Saudi Arabia, traders said. There was also some support from speculative traders buying back contracts they had previously sold, pushing the May contract on the New York Mercantile Exchange to settle 32 cents higher at $16.72 a barrel. Traders were also looking ahead to the weekly U.S. crude inventory report from the American Petroleum Institute (API) to be issued after markets closed on Tuesday, and Wednesday morning's more reliable Energy Department figures. Traders said they expected stocks of the two main refined product classes, gasoline and distillates -- mainly diesel and heating oil, to decline while crude inventory rises. ''The more direct issue for crude oil will be this afternoon's inventory report, where we see risk of a moderate increase in stocks,'' said Tim Evans of Pegasus Econometrics. The gains brought crude within striking distance of end March levels just over the psychologically important $17.00 level, where the market stalled after six weeks of gains as major oil producers agreed to cut output sharply. On Tuesday, crude again began to inch up aafter reports that Serbian forces had briefly crossed the border into neighboring Albania, action that prompted Washington to warn Yugoslavia of ''serious consequences'' if it widened the conflict over Kosovo. ''All those issues with Kosovo or Iran, provided the rationalization for the advance,'' Richard Redash, head of energy futures research at Refco Energy Corp, said. The Iran news referred to was a Monday report from the Middle East Economic Survey that Tehran cut crude production by 121,000 barrels per day in March from 3.96 million to 3.84 million bpd, indicating it would comply with its pledge to cut output. It was one of the countries which last year scuppered efforts to cut the world oil glut because of a disagreement over its quota. Saudi Arabia, which is spearheading efforts to boost oil prices through a series of global production cuts, has notified buyers that May contracts in Asia and Europe will be cut by between 17 and 25 percent, more than had been expected. Also on Tuesday, reports that Iraq fired at U.S. and British jets patrolling a no-fly zone in southern Iraq apparently had little effect on the market but refined petroluem products futures were said to be supported by Monday's late headlines that the U.S. Defense Deparment would buy 48 million gallons of jet fuel, a large extra purchase linked to its ongoing air wars against Iraq and Serbia. May heating oil settled 0.80 cent higher at 42.80 cents a gallon, and May gasoline settled up 1.07 cents at 52.24 cents a gallon. ''On a longer term basis as the situation in Yugoslavia continues, jet fuel and heating oil may become more expensive,'' Refco's Redash said, though he expected that could take time. Meanwhile, oil shares were mixed, with the Standard & Poors Oil and Gas Index (^SPOILP - news) rising in line with oil prices by 1.25 percent to 55.28, while the major integrated oil company index, the S&P Oil International (^SPOILI - news) index slipped 0.70 to 894.99, in line with the broader share market. More Quotes and News: S&P OIL & GAS (Standard & Poor's Corp) (^SPOILP - news) S&P OIL INTL (Standard & Poor's Corp) (^SPOILI - news) Related News Categories: oil/energy, US Market News

To: Big Dog who wrote (42165)	4/13/1999 8:28:00 PM
From: Wowzer	Respond to of 95453

Tuesday April 13, 6:10 pm Eastern Time Halliburton clarifies status of lay-offs DALLAS, April 13 (Reuters) - Oil services company Halliburton Co. (NYSE:HAL - news) said Tuesday it has laid off more than 9,000 employees as part of its plan to cut back its workforce by 10,850. Halliburton issued a news release to clarify the status of the cut backs following statements made Monday by the company's chief executive officer and former U.S. Secretary of Defense, Dick Cheney. ''Mr. Cheney wanted to confirm that we were through the major part of the process,'' Halliburton spokesman Dirk Vande Beek told Reuters. ''The tough part is over.'' Cheney had said the company was at the half-way mark of its layoffs, but meant to say the company was scheduled to be at the half-way mark by now. The lay offs happened earlier than expected. During the past six months, Halliburton acquired oil services firm Dresser Industries. The merger and the dismal shape of the oil and gas business spurred the job cuts in the company's energy services sector internationally. ''Cheney said Halliburton does not anticipate further major personnel reductions, unless market conditions warrant,'' the company said in the statement. More Quotes and News: Halliburton Co (NYSE:HAL - news) Related News Categories: oil/energy, US Market News