VOL. XLVI

No 20

19-May-2003

OIL PRICES

Oil Prices Head Higher On June Nomination Cuts, Weak Stock Data

Oil prices moved steadily higher over the past week, buoyed by a second consecutive week of unexpectedly weak US oil inventory data, news that Saudi Arabia had cut nominations in June and more comments from OPEC officials that the organization could consider a fresh cut in output at its upcoming extraordinary meeting in Qatar on 11 June. The 12 May bombings in Riyadh sparked the price rally early...