U.S. Petroleum Inventory Drops, Oil Prices Soar Higher

Wednesday, September 29, 1999
Oil's eight-month rally hit yet another high today as dealers cited news that U.S. petroleum inventories had dropped to near-three-year lows as proof OPEC supply curbs were biting deep ahead of winter. Benchmark Brent crude blend touched $24.30 a barrel, a 33-month high, after the American Petroleum Institute said crude stocks in the world's biggest oil consumer fell by 3.7 million barrels last week to stand at their lowest levels in almost three years.
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Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
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