Middle East Economic Survey
VOL. XLVIII
No 20
16-May-2005
Crude Prices Plunge On Report Of Demand Slowdown
WTI and Brent crude oil prices fell below the critical $50/B mark last week. Added to the bearish effect of growing crude oil inventories was an IEA estimation of shrinking demand growth, and the two factors combined to outweigh a strong contango in crude futures and concerns over US refining capacity constraints, pulling prices lower. There was some bullish news: on 9 May OPEC officials...
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