Middle East Economic Survey

VOL. XLVIII

No 19

9-May-2005

Crude Prices Hovering On Market Uncertainties

Crude prices hovered around the psychological level of $50/B for WTI last week, as evidence of adequate crude and gasoline supplies for the short-term was countered by the contango in futures markets caused by the expectation that demand will rise later in the year. On 3 May IEA Executive Director Claude Mandil told reporters: We think the high price of energy oil, gas and coal is hurting the...