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...