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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: Ram Seetharaman who wrote (1496)	4/28/1999 6:19:00 PM
From: ChartMan	Read Replies (2) \| Respond to of 2282

Crude oil futures soared back above $18 a barrel Wednesday on the New York Mercantile Exchange after weekly inventory figures showed sharp declines, signalling producers are adhering to promisedcutbacks. Crude jumped after the American Petroleum Institute reported U.S. inventories tumbled 4.7 million barrels last week to 336.4 million barrels after a sharp decline in imports. The decline; nearly four times the size of analysts' expectations was the first strong indication that world oil producers are finally serious about slashing daily output to sustain higherprices. Members of the Organization of Petroleum Exporting Countries and other key producers agreed to remove 2.1 million barrels daily from the market beginning April 1. Analysts have said if they succeed at reducing about two-thirds that amount, supplies would be cut enough to force prices higher. American inventories now are 6.6 million barrels lower than this time a year ago and could get smaller. Venezuela, widely considered one of the weak links in meeting quotas, announced its output will fall below current production targets as some refineries undergo maintenance. Still, some analysts cautioned that reports of tanker loadings show an increase in activity that could cause supplies to reboundin May. (AP)