Middle East Economic Survey

VOL. XLVIII

No 37

12-September-2005

Crude Prices Ease As US Gulf Capacity Begins To Recover From Hurricane Katrina

Crude prices eased last week after their surge in the wake of Hurricane Katrina, with damage to Gulf Coast production facilities and refineries causing price peaks of $70.85/B for WTI and $68.89/B for Brent on 30 August. While more than half of the areas oil production remained off-line and four refineries were expected to be out of action for some weeks,...