``The overall picture is clearly negative,'' said London brokers GNI in a daily report.

``This is a bull's nightmare,'' said analyst Peter Buetel of Cameron Hanover. ``Increased supplies of crude oil and it's getting refined,'' he said.

SNIP.....----->AND THERE IS MORE BAD NEWS FOR THE OIL BULLS (JUST IN CASE):

".....Cartel president and Venezuelan Oil Minister Ali Rodriguez said OPEC would pump more oil in September if demand was sufficient to absorb extra barrels....."

http://dailynews.yahoo.com/h/nm/20000726/bs/markets_oil_dc_88.htmlp

Wednesday July 26 7:05 AM ET

Oil Drifts at 11-Week Lows

LONDON (Reuters) - Oil prices hung near 11-week lows Wednesday, depressed by new data showing significant increases in fuel stockpiles in the United States.

London's Brent Blend crude futures for September delivery stood eight cents off at $26.86 per barrel at 1046 GMT, while U.S. light crude futures were eight cents down at $27.87.

Prices were knocked lower overnight following weekly figures from the American Petroleum Institute (API) industry group showing builds in U.S. stocks of crude, gasoline and distillates.

The API said crude inventories rose by 1.883 million barrels in the week to July 21. It said gasoline stocks were up by 1.713 million barrels and distillates, which includes heating oil, increased by 1.732 million barrels.

The API also said U.S. refinery throughput rates were up and that crude imports into the world's largest oil consumer jumped to a near-record 10 million barrels per day in the week.

``The overall picture is clearly negative,'' said London brokers GNI in a daily report.

``This is a bull's nightmare,'' said analyst Peter Buetel of Cameron Hanover. ``Increased supplies of crude oil and it's getting refined,'' he said.

Oil has shed almost $3 since last week following growing evidence that Saudi Arabia, by far the biggest exporter, was quietly hiking supplies to the market to try and stem this year's relentless price rally.

The kingdom pledged in early July to add 500,000 bpd to cool down the market although it has not officially confirmed the extra barrels.

Traders say crude could see further losses as the market feels the full impact of the additional Saudi supplies.

And the Organization of Petroleum Exporting Countries (OPEC) signaled Tuesday that it may also offer more oil when it meets in September.

Cartel president and Venezuelan Oil Minister Ali Rodriguez said OPEC would pump more oil in September if demand was sufficient to absorb extra barrels. OPEC already has lifted output twice this year by more than 2.4 million bpd and currently has an official quota of 25.4 million bpd.

Rodriguez reiterated Tuesday that he had no information about Saudi's decision to raise production unilaterally, but was satisfied prices were returning to acceptable levels.

-- cpr (buytexas@swbell.net), July 26, 2000

Answers

I guess the PRICE does tell the story. The USA can pay up to $30/bbl and $1.50 for gas without too much screaming which puts oil about 1/3rd its price in 1978-1982 in REAL DOLLARS.

-- cpr (buytexas@swbell.net), July 26, 2000.

You WERE WRONG creeper, you ARE WRONG, and you will be WRONG FOREVER.

-- (you@lying.sack), July 26, 2000.

LINK-to- WRONGNESS

http://www.russkelly.com/experts.html

-- anon (anon@anon.com), July 26, 2000.

But there is always hope for the Sgt. Friday's of the world:

http://dailynews.yahoo.com/h/nm/20000726/bs/markets_oil_dc_89.html

-- cpr (buytexas@swbell.net), July 26, 2000.