Market Hotline: Geopolitical analysis key to oil price direction in 2002

Gauging the direction of oil prices requires some attention to-if not expertise in-geopolitics. While that has always been the case, never have the stakes been so high for oil markets as they are today in the Middle East.There are echoes today of the 1973-74 Arab oil embargo coming in response to Israeli military actions. Today, those calls have been resurrected for Islamic exporters and come from Iran and Iraq to punish those nations that would support Israel.There are also echoes of the 1990-91 Persian Gulf crisis, with US Vice-President Dick Cheney whistlestopping the Middle East to garner support for a virtually inevitable US-led military campaign to oust Iraqi despot Saddam Hussein.A...

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