VOL. XLV

No 7

18-February-2002

OIL PRICES

Security Concerns Put Floor UnderCrude Prices

Supply security returned as asupportive factor to oil markets last week in ongoing reverberations from USPresident George W Bushs labeling of Iraq, Iran and North Korea as an axis ofevil in his State of the Union address in late January. While most westernleaders distanced themselves from Mr Bushs remarks, there were fears of anescalation of the bombing of Iraq and the potential for a disruption ofsupplies...