Middle East Economic Survey

VOL. XLVIII

No 26

27-June-2005

Crude Prices Touch $60/B As Traders Gauge Capacity Constraints

Crude oil prices reached new all-time peaks last week, as traders and investors gauged the likelihood of supply shortfalls, with global oil production and refining volumes approaching their capacity limits. Both WTI and Brent first peaked on 20 June, with WTI hitting $59.52/B and Brent reaching $58.58/B. WTI surged even higher on 21 June to $59.70/B as the July contract...