VOL. XLVII

No 03

19-January-2004

OPEC

OIL PRICES

Crude Prices Edge Higher As Uncertainty Encourages Speculation

Crude oil prices last week reached their highest point since the build up to the US-led invasion of Iraq, after both hedge funds and commercial oil companies had accumulated record speculative positions in response to continuing uncertainty over near-term demand, supply levels and low US inventories. High prices remained despite further evidence that OPEC-10 producers are cashing in MEES...