VOL. XLV

No 46

18-November-2002

OIL PRICES

Crude Prices Fall As Iraq Accepts UN Arms Inspection Terms

President Saddam Husains unconditional acceptance of the UN resolution setting out terms for the return of UN weapons inspectors to Iraq caused a steep fall in crude oil prices on 13 November. While this suggests that more of the so-called war premium has been removed from crude prices, there is a widespread understanding that the potential for full-scale US-Iraq conflict remains a determining...