Middle East Economic Survey

VOL. LII

No 30

27-Jul-2009

OIL PRICES/SUPPLY/DEMAND

CGES Says Oil Price Rally Ran Out Of Steam In Late June

The recent surge in oil prices, driven by Chinese stockbuilding and hopes of global economic recovery, ran out of steam in the second half of June, according to the Centre for Global Energy Studies (CGES). In the latest Monthly Oil Report, published on 20 July, CGES said: Having surged from $35/B at the beginning of the year to $70/B by the end of the second...