Middle East Economic Survey

VOL. XLVIII

No 23

6-June-2005

Crude Prices Rise On Distillates Speculation

Crude oil prices last week continued a revival based on a tightening of the supply/demand balance with the start of the summer driving season. Prices inched upwards around the holiday weekend, but the WTI and Brent benchmarks leapt by more than $2.50/B on 1 June as speculators gambled on a distillates squeeze emerging when refiners turn their attention back to heating oil towards the end of...