VOL. XLVII

No 12

22-March-2004

OIL PRICES

WTI Crude Hits 13-Year Peak As US Gasoline Squeeze Continues

Crude prices last week followed an increasingly familiar pattern: rising due to US gasoline supply concerns ahead of weekly US stocks data this time with WTI reaching a 13-year peak on 17 March then falling as investment funds took profits by selling off a little of their record-long speculative positions. Attribution of the Madrid bombings to al-Qaida and a US Congress vote to halt crude...