Middle East Economic Survey
VOL. LIV
No 22
30-May-2011
Crude Oil Market Rallies On Bullish Price Forecast, Unexpected US Distillates Stockdraw
Crude oil prices dipped early last week on continuing indications of economic weakness in the Eurozone and a rally in the value of the dollar. However, a rally began on 24 May after investment bank Goldman Sachs increased its end-year forecast for the price of Brent crude from $105/B to $120/B and its 2012 average forecast from $120/B to $140/B in the...
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