OPEC AND OIL PRICES

Baker Reaffirms US Commitment to Free Market Pricing 

The US administration remains committed to a free-market approach to oil pricing despite the negative effect of lower prices on second quarter US growth, according to Treasury Secretary James Baker. Mr. Baker told a meeting of financial writers in New York on 17 June that lower oil prices are on balance "favorable for the US economy and the world economy .... but they are a possible reason for softness in...