VOL. XLV
No 10
11-March-2002
OPEC
SpeculationDecouples Oil Prices From Market Fundamentals
Crude prices soaredon 7 March, with WTI reaching $24.75/B at one point during the day, drivenlargely by hedge fund speculation. Yet market fundamentals did not support aprice hike, and the speculators maneuvers have temporarily decoupled pricesfrom the reality of the supply/demand balance. Earlier in the week prices werealready climbing: while Russiadeclined to commit to extending its production cutbacks...
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