VOL. XLVI

No 9

3-March-2003

OIL PRICES

WTI Nears $40/B On Low Stocks, Iraq War Fears

Crude prices last week hit their highest level since the Gulf War, as the continuing drain on US products inventories and fears about a war with Iraq created ideal conditions for a market squeeze and a new price peak. With PADD II inventories dwindling, the US benchmark crude has grown increasingly vulnerable in recent weeks to speculative plays. Traders blamed speculators for a WTI surge to $39.99/B in early...