Middle East Economic Survey


No 17


Crude Prices Revived By US Refinery Outages And Stockdraw

Crude oil prices revived last week on US refinery outages and weekly stocks data showing the first draw on crude stocks in 10 weeks, along with an unexpected fall in gasoline inventories. Yet the upswing came after two weeks of declines from record highs on 4 April, caused by ready availability of prompt crude, growing inventories, and a widening consensus that recent buoyant...