Middle East Economic Survey

VOL. XLIX

No 9

27-February-2006

OIL PRICES

Investors Behind Crude Price Swings, Says Société Générale

Speculative investors have been behind recent swings in crude oil prices, with geopolitical concerns supporting upswings and weakening fundamentals causing slides, according to Société Générale (SG). In the weekly Oil Drivers report of 20 February, SG analyst Alexandre Kervinio observed that hedge funds increased their long positions in Nymex WTI by 36.3mn barrels during...