VOL. XLV

No 24

17-June-2002

OIL PRICES

Contradictory DemandSignals Steer Crude Prices

Weakening confidencein second half 2002 oil demand exerted downwards pressure on benchmark crudeprices early last week before US stock draws for both crude oil and gasolinecombined to leave prices higher on the week. Both the International EnergyAgency (IEA) and the Energy Information Administration (EIA) of the USDepartment of Energy produced forecasts which raised their estimates of firsthalf demand and...