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Tuesday, September 14, 2004

Oil hits troubled waters

Oil prices have leapt as investment banks and hedge funds join the 'black gold rush', and the long-term future for supply is bleak, writes Robert Winnett. A large warehouse in Amsterdam may seem an unusual place to attract the City's top traders and hedge funds. But, in the past few months, Morgan Stanley has been accumulating warehouse space in the Netherlands to store its hottest new property - oil. This and the tankers that have been hired by the investment bank illustrate just how important oil is now becoming in the City of London and Wall Street.