VOL. XLVI

No 43

27-October-2003

OPEC

OIL PRICES

Crude Prices Undermined By Surprise Products Stockbuild

Crude oil prices drifted lower early last week as traders continued to search for indications of winter demand trends. Although recent increases in US jobs figures have hinted that the US economy might have begun a long-awaited recovery, a surprise increase in US products inventories undermined hopes of an imminent strengthening of oil demand. The price rally on 23 October was a result of reports...