Middle East Economic Survey

VOL. L

No 28

9-July-2007

OIL PRICES

Brent Nears $75/B On Strong US Demand, Nigeria Uncertainty

Brent crude oil pushed towards $75/B last week, as the market looked for confirmation of strong demand in weekly US petroleum data and supply concerns lingered. While a bearish US inventories report on 5 July took the market by surprise, crude prices continued to rise, with Brent reaching $74.93 at one point. As Fimat analyst Antoine Halff explained in his 5 July Oil Comment:...