VOL. XLVII

No 13

29-March-2004

OPEC

Crude Prices Tumble After US Stockbuild As Market Unconvinced About OPEC Cuts

Oil prices eased last week as traders viewed a larger than expected US crude stockbuild as an indication that the seasonal 2Q demand decline was beginning, then fell sharply on 25 March as doubts grew about OPEC willingness to implement planned supply cuts during April. While uncertainty over OPECs intentions provided the market with its downward direction, the continuing squeeze on US...