VOL. XLVI

No 41

13-October-2003

OPEC

Markets Searching For Winter Crude Demand Pointers As Heating Oil Tightens

Early last week crude oil prices continued their rise in the aftermath of OPECs surprise decision to reduce production targets by 900,000 b/d from 1 November (MEES, 29 September), with the OPEC Basket prices exceeding the organizations $22-28/B target band for the first time since 1 September. The price build momentum was attributable to a large degree to hedge funds taking up...