Middle East Economic Survey

VOL. XLIX

No 22

29-May-2006

OIL PRICES

Crude Prices Rise As Supply Uncertainty Outweighs Demand Pessimism

Crude oil prices were choppy last week in trading centered on the $70/B mark for both WTI and Brent. After the previous weeks fall on a weaker IEA demand outlook and profit-taking by investment funds, prices rallied on 22 May in portfolio balancing by investors across a range of commodities. On 23 May prices jumped after a US government agency predicted up to 10...