VOL. XXXI

NO. 16

25-JANUARY-1988

MARKET STILL CONFUSED OVER DIRECTION

Though prices have remained relatively stable over the past week at about$2.00-2.50/B below the OPEC official level, the oil market remains in a state ofgeneral directional confusion, sandwiched as it is between indications ofreduced crude output on the one hand and expectations of further moves towardsmarket-related pricing on the other.

What follows is a general round-up of the more significant developments inthe market over...