energy information administration short term outlook may 2002 1 overview world oil markets prices continued to rise in april with opec basket and brent rising by 2 per barrel on average from march levels marked the second consecutive month that price finished above 22 lower end of target range for us benchmark west texas intermediate wti crude averaged over 26 closed 27 s figure addition psychological factors market fundamentals will also push up as inventory draws oecd countries validate supply cuts are taking place following enactment january quota could almost 30 2003 unless increase their production significantly latter half this year analysis assumes they do leaving under level summer motor gasoline pump have stabilized at about 40 gallon regular grade last
