VOL. XLVI

No 19

12-May-2003

OIL PRICES/OPEC

Crude Prices Hold Steady As US Stocks Dip

Markets were taken aback last week by an unseasonal fall in US crude oil inventories. Traders had been keeping prices relatively steady after the volatility of recent weeks, but the upswing after new weekly stocks data was published was attributable to short-covering by hedge funds. The stocks decline contradicted market expectations of short-term oversupply, although traders remained focused on June crude supply...