VOL. XLVI

No 24

16-June-2003

OIL PRICES

Crude Prices Locked Into Developments In US Stocks And Iraq

Crude prices maintained their recent strength last week, but traders reaction to the weekly US inventory data and news of the SOMO stored crude oil tender suggested that US stocks tightness and Iraqs return to exports would be the key market drivers in the near term. On 11 June benchmark crude price reached their highest level since before the war in Iraq, after the two regular US stocks reports...