1 november 2000 overview oil prices are defying gravity remaining well above 30 00 per barrel 33 10 for wti in october and similar levels the first week of this situation persists despite estimates significant world production demand requirements another round announced opec increases israeli palestinian tensions notwithstanding we do not see how can remain detached from corrective forces market if is as high implied by statements typical non output currently circulation sooner or later probably before end winter expect crude to fall perhaps 4 5 current under weight excess supply balance projecting close being correct continued lack hard evidence that inventories increasing significantly will be taken a sign our projected inevitable rebalancing take longer than have been expecting point with month heating season united states out
