VOL. XXXVII

NO. 33

16-MAY-1994

Oil Market

Supply Fears Spark Buying Spree And Large Crude Price Rise

In the six weeks since OPEC's end-March accord, crude oil traders haveundergone a remarkable change of heart - seemingly en masse. Since that event,a combination of factors - not least among them the abrupt about-face in marketpsychology - have helped propel oil prices upward by over $4.00/B. Last week thenew bullish market sentiment was compounded by a fit of panic buying as worriedtraders...