Middle East Economic Survey


No 30


Crude Prices Ease On Smaller-Than-Expected US Stockdraw

Crude oil prices eased last week, as Hurricane Emily followed the previous weeks Hurricane Dennis onshore without any serious disruption to Gulf of Mexico oil production and refining operations. Markets held steady on 19 July as traders predicted a significant US stockdraw after interruptions of offshore production and tanker offloading. However, the publication of weekly US stocks...