Middle East Economic Survey

VOL. XLVIII

No 39

26-September-2005

Crude Prices Rise As Hurricane Rita Heads For Gulf Coast

The Gulf of Mexicos unusually turbulent storm season continued last week, driving crude oil prices higher as the new Hurricane Rita headed towards Gulf Coast offshore oil production and refining facilities. The rise stalled on 20 September as investors took profits and OPEC offered an additional 2mn b/d of production capacity in case of any crude supply shortfall. However, the...