Middle East Economic Survey


No 38


Crude Prices Bounce Back On US Crude Stockdraw

Crude oil prices continued to decline early last week, following reports that gasoline cargoes were on their way from Europe to the US Gulf Coast to help make up for production and imports disrupted by Hurricane Katrina in late August. Adding to the bearish mood was the IEAs reduction of its demand growth forecast (MEES, 12 September). Yet prices revived on 14 September, despite the...