VOL. XLV

No 1

7-January-2002

OIL PRICES

Stormy Week For Crude Prices As OPEC Reduces January Supplies

Oil prices were boosted brieflylast week as traders scrambled to cover their crude requirements after OPECproducers told customers of reduced delivery volumes during January. A $1/Brise in both the front month WTI and Brent future prices came on 2 January, astraders returned from the New Year holiday and began to balance theirpositions. The short-term market tightening was aided by evidence of...