VOL. XLIII

No. 33

14-August-2000

OPEC

API Report Of Surprise Stock Draw Starts Price Hike As EIA Continues To Predict Price Decline

An American Petroleum Institute (API) report published on 8 August revealed an unexpected 2.1mn barrel decline in US crude stocks during the week ending 4 August, leading crude oil traders to raise the prices of the US and North Sea benchmark blends by more than $1/B the following day. This surprise bullish surge followed a similar rise the previous week, which...