VOL. XLV

No 34

26-August-2002

OIL PRICES

OilPrices Edge To New Highs On Weak Stocks, Iraq

Oil prices consolidated recent gains over the lastweek, edging to new highs above the average trading band seen since March earlyin the week, before some profit-taking on 22 August. The gains saw SeptemberWTI futures top $30/B, hitting a 15-month high on 20 August, the date that thecontract expired. Supportive factors included the ongoing overall draw in USinventories (despite crude and gasoline builds the...