Middle East Economic Survey


No 23


Oil Prices Driven By Economic Concerns, Traders Eye OPEC Meeting

Crude oil prices held relatively steady last week, with continuing gloomy US economic data undermining the dollar and dampening hopes of a demand revival. Although weekly US petroleum data issued on 2 June showed unexpected increases in both crude and products stocks, concerns over US debt repayments weakened the dollar further against the euro and gave oil prices a boost....