VOL. XLV

No 15

15-April-2002

OPEC

Prices Head Lower Amid Political Turmoil

Oil prices fellsharply in the week to 12 April amid political turmoil in the Middle East and Venezuela.NYMEX, Brent oil futures and the OPEC basketof crudes ended the week sharply lower (see table) as traders booked profits,erasing the late March gains that had lifted prices to levels not seen sincesummer 2001 (see graphs). IPE May Brent ended the week down $2.27 while NYMEX Maycrude lost $1.59. Concerns about geopolitical...