VOL. XLIV

No 32

6-August-2001

US Stocks Decline RevivesDemand Optimism

Early last week crude oil priceswithered as traders were undecided about how the supply-demand balance wouldmove in the wake of OPECs decision to cut supplies by 1mn b/d from 1 September(MEES, 30 July). All eyes werescanning the horizons for evidence of a demand pick-up now that refiners arepreparing for winter consumption. Once again, US stocks data provided the hopemarkets were looking for: not only was there a strong...