OGJ Newsletter

The Iraq/U.N. oil-for-aid deal appears to be under threat once more, as Baghdad continues to interfere with weapons inspections. Oil prices recovered a little from their recent low as conflicting stories emerged about the status of negotiations. Brent crude oil for March delivery hovered above $15.50/bbl, while prompt-delivery Brent wavered around $15/bbl last week. Market analysts expect a further fall as Iraqi exports return, however (see Watching the World, p. 41).

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