VOL. XLVI

No 48

1-December-2003

OPEC

OIL PRICES

Crude Prices Recover After Investors Liquidate Long Positions

Crude prices fell by more than $1.50/B on 24 November, as investment funds liquidated near-record long positions amid high oil prices, which rose over the previous two weeks in response to growing market uncertainty and political tension in the Middle East. The price slide was halted by traders squaring their positions head of the US Thanksgiving holiday (which saw NYMEX closed on 27 and 28...