VOL. XLV

No 13

1-April-2002

OIL PRICES

US StockdrawKeeps WTI, Brent Prices Around $25/B

Pricesfor benchmark WTI and Brent crudes remained aroundthe $25/B level last week, with a sharp decline in US imports providing a boostat a time when demand is still weak. In the background, concerns over threatsof US military activity against Iraq and the expectation of a US economicrebound persuaded hedge funds to extend their speculative long position theirnet long position had risen to more than 52,000...