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...
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