Middle East Economic Survey


No 40


Crude Prices Steady As Market Assesses Impact Of Hurricane Rita

Crude prices held relatively steady last week, with WTI hovering above $65/B, as traders tried to gauge the impact of Hurricane Rita on US Gulf Coast production and refining capacity. Rita swept onshore over the 24-25 September weekend, disrupting offshore oil and gas production and damaging five refineries. Crude oil imports resumed as the Louisiana Offshore Oil Port (LOOP)...