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(December 12, 1997) ENERGY COMPLEX: CRUDE OIL–Some profits already locked in on our newest shorts despite the increasingly oversold condition of this market. Increases in OPEC production levels for 1998 and the eventual Iraqi oil shipments Will continue to depress prices. The only negative is the record level of net short posiTIons held by the speculative community.

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Consensus National Futures and Financial On Line Index

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