Middle East Economic Survey

VOL. XLVIII

No 21

23-May-2005

Crude Prices Test Three-Month Lows As US Crude Stocks Hit Six-Year Highs

WTI and Brent crude futures plunged to test new three-month lows last week after imports lifted US crude stocks to six-year highs. The price falls extended losses seen the previous week when the IEA reduced its forecast for Chinese demand growth, and OPEC added to the demand pessimism on 17 May by cutting its own views. OPECs latest monthly report estimated 2005...