Middle East Economic Survey

VOL. LI

No 18

5-May-2008

OIL PRICES

Crude Prices Ease From New Peak On Profit-Taking

Crude oil prices hit new peaks on 28 April, with WTI setting an intra-day record of $119.93/B and the OPEC Basket reaching $111.66/B. This latest surge was triggered by supply outages almost 1mn b/d of Nigerian capacity shut in because of attacks on installations and workers strikes, and more than 700,000 b/d of UK North Sea capacity off-line because of a refinery workers strike. Prices...