Middle East Economic Survey

VOL. XLVIII

No 28

11-July-2005

Crude Prices Pulled From New Peaks By London Bombings

Crude oil prices continued their record-breaking run last week, as Tropical Storm Cindy caused shut-ins of production and refining capacity in the Gulf of Mexico and Hurricane Dennis looked set to follow. After intra-day trading and settlements records on 6 July, prices headed even higher in electronic trading on 7 July, with WTI touching $62.10/B and Brent peaking at $60.70/B. The...