VOL. XLVI

No 47

24-November-2003

OPEC

OIL PRICES

Crude Prices Driven Higher By Market Uncertainty

Benchmark crude prices reached their highest level on 18 November since the run-up to the US-led invasion of Iraq in mid-March, with uncertainty on a number of issues rather than fundamentals driving the markets. Spreading anti-Coalition violence inside and outside Iraq and heightened US rhetoric over Irans nuclear program are providing a high background level of uncertainty for oil markets. Behind the...