VOL. XLV

No 43

28-October-2002

OIL PRICES

Prices Fall As US Signals Diplomatic Approach To Iraq

Any doubts about the existence of a war premium in crude prices should have been dispelled last week, when the prices for the main benchmark crudes plunged roughly $1.50/B early in the week, after Washington once again signaled its intent to pursue a diplomatic solution via the UN to the US-Iraq stand-off. While analysts maintained that the US return to the pursuit of a UN Security Council resolution...