Oil markets are bracing for an oil price collapse in 1991 even as war rages in the Persian Gulf. With the perception growing that the long feared threat of losing more Persian Gulf oil supplies in a war has largely dissipated, market fundamentals have again overtaken the spotlight. With that threat diminished, and crude supply/demand essentially in balance ahead of the war's start, plans by consuming nations to draw down stocks have undercut whatever premium markets had placed on oil prices during the Middle East crisis. That can be seen in the record 1 day drop of oil prices within 24 hr of the outbreak of fighting,...

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