VOL. XLVI

No 21

26-May-2003

OIL PRICES/OPEC

Crude Prices Show Reaction To UN Resolution On Iraq

Crude oil prices held relatively steady last week until the UN agreed on 22 May to lift sanctions on Iraq, paving the way for an eventual resumption of exports. While the agreement is not expected to lead to a quick return of full Iraqi supplies, the fall in prices reflected an adjustment of traders market outlook. Earlier, traders had kept an eye on potential supply-side problems, while weekly US...