Middle East Economic Survey


No 20


Oil Prices Rally And Decline As Demand Doubts Grow

Crude oil prices rallied early last week, after the previous weeks record-breaking slide. The recovery was initially driven by a slump in the dollar and a rise in US gasoline futures, as flooding along the Mississippi River threatened to affect refinery operations. However, prices slid again on 11 May as the US Energy Information Administration (EIA) reported an unexpectedly large rise in...