NO. 30


Iraqi Reaction To UN Plan For Restricted Oil Sales: No Means No

The Iraqi Government's seemingly conclusive rejection of the latest UN planfor limited oil sales will no doubt be depressing news for the sanctions-boundpeople of Iraq, but on the other side of the coin it has certainly helped tocreate a bullish climate in the oil market, with crude prices gaining around$1/B to send WTI over the $20/B mark last week.

In fact, it took a while for the reality of the...