VOL. XLVI

No 34

25-August-2003

OIL PRICES

Crude Prices Out Of Step With Iraq Security Problems

Crude prices fell early last week despite further sabotage of Iraqs northern crude export pipeline and a bomb blast at the UN headquarters in Baghdad. Besides the Iraqi headlines, there was also renewed violence in Nigeria and the after-effects of a power blackout in the northeast US which shut down a significant amount of refining capacity. In a normal week, these factors would have immediately boosted...