VOL. XLVI

No 29

21-July-2003

OPEC

OIL PRICES

Crude Prices Buffeted By Supply Concerns, US Stocks

The OPEC Basket price rose above the organizations $22-28/B target band last week for the first time since March, as Hurricane Claudette shut in some Gulf of Mexico oil production. The closures added to supply-side concerns over continuing uncertainty about the return of Iraqi exports to the market. However, weekly US stocks data published on 16 July showed a strong increase in gasoline and distillates...