Middle East Economic Survey

VOL. XLVIII

No 36

5-September-2005

Crude Prices Blown To New Heights By Hurricane Katrina

WTI crude passed $70/B for the first time last week as Hurricane Katrina, the worst Gulf of Mexico storm in many years, shut in production and refining capacity and left a trail of unprecedented damage as it blew onshore into Louisiana. WTI peaked at $70.85/B in intra-day trading on 30 August while Brent touched $68.89/B, before easing as Saudi Arabia promised to make up for any US...