VOL. XLIV

No. 22

28-May-2001

OIL PRICES

Crude Prices At The Crossroads

The OPEC Basket crude oil price hovered just below the upper limit of the organizations $22-28/B target price band last week, but out of OPECs reach and beyond the pull of normal market fundamentals. Once again, US gasoline market tightness was the overwhelming influence. Despite renewed hostility in the Middle East, concerns over Iraqi exports and comments from OPEC ministers suggesting that the organization was not planning...