Middle East Economic Survey


No 22


Crude Price Revival Aided By US Stockdraw

Crude oil prices halted the decline of recent weeks as speculative investors expanded their positions with a view to a tight 3Q-4Q05 supply/demand balance, as signaled by the futures markets strong contango. US traders were also mindful of the coming Memorial Day holiday weekend, which traditionally marks the start of the summer driving season. Unscheduled shutdowns of ExxonMobil and Valero...