VOL. XLVI

No 25

23-June-2003

OIL PRICES

Crude Prices Driven Lower By Stockbuilds

Crude oil prices fell last week after key agencies reported an increase in commercial petroleum inventories. The decline came despite evidence that stocks of both crude and products are at the lower end of their normal ranges, and in the face of confirmation that regular Iraqi exports would not start before mid-July at the earliest. If anything, the thought of Iraqi exports other than from pre-war storage has been...