VOL. XLV

No 31

5-August-2002

OIL PRICES

Prices Remain Firm Despite MarketUncertainties

Crude oil prices heldfirm last week, despite four strong forces underlying trading activity. Firstthere was politics: the potential for full-scale USmilitary action against Iraqdominated the headlines, but there was also heightened Israel-Palestinehostility. Then there was the continued volatility of the international stockmarket, and a call from Nigeriafor an increased OPEC quota; and underlying all these...