No. 04

26 January 1998


Traders' Psychology Rather Than Physical Supply/Demand Moved December MarketBehavior, Says IEA

"Traders' psychology" rather than physical supply/demand developments appearsto have provided the basis for the bearish oil market behavior in December, according tothe January issue of the Monthly Oil Market Report (MOMR) published by theInternational Energy Agency (IEA). However, the IEA is at pains to stress that it is notsaying that the recent oil price...