Oil Prices and the Price of Fear

摘要

Oil prices have remained firm despite the release of numerous new figures and estimates that,in other circumstances,would certainly have prompted a significant market correction.One of the most important of these rather reassuring developments is the appreciable increase in industry stocks in the OECD area which,according to the latest monthly report of the International Energy Agency(IEA),rose to 2,658 billion barrels in May,equivalent to 54 days'consumption,or one day more than in April,and 2.5 days'consumption more than in April 2004.