Middle East Economic Survey

VOL. L

No 13

26-Mar-2007

Crude Prices Bolstered By US Products Tightness

Crude oil prices rose sharply last week, with markets tightening after a larger-than-expected decline in gasoline inventories in weekly US petroleum data. US refiners have been hit in recent weeks by a number of unexpected refinery outages as they prepare to maximize transport fuel production for the summer driving season. Concerns over the lack of spare capacity have emerged as a key market driver...