Oil Tops $33 As Opec Readies Extra Supplies.

Oil Daily, The, January, 2003

Oil prices showed no signs of coming off the burner Friday as the continued cutoff of Venezuelan exports, forecasts for colder-than-normal weather in the US, and President Bush's rally cry to soldiers headed to the Mideast in the run up to a possible war against Iraq added more than $1 per barrel to crude futures.

Light, sweet crude on the New York Mercantile Exchange (Nymex) ended the week at $33.08/bbl, not far from the two- year high of $33.65/bbl achieved last Monday and up $1.23/bbl from Thursday's close. In London, Brent crude on the International Petroleum Exchange closed up $1.34/bbl at $30.77/bbl.

The relentless rally has not escaped the eye of Saudi Arabia, the world's largest oil producer, which is concerned that if prices remain at these lofty...