NO. 10


Rumors Of Early Resumption Of Iraqi Oil Flow Look Baseless But MarketPrice Slide Continues

Judging from the past week's price performance the oil market is in adeterminedly downbeat mode, reacting sharply to bearish rumors even thoughseemingly unfounded (an early resumption of Iraqi oil exports next spring) whileignoring actual developments of a bullish nature (such as bad- weatherdisruption of supplies from North Sea and Black Sea terminals).

From an already...