Middle East Economic Survey


No 43


Crude Prices Plunge On Bearish US Stocks Data

Crude oil prices rose sharply early last week on fears of further devastation in the Gulf of Mexicos unusually turbulent hurricane season. Tropical Storm Wilma was expected to reach hurricane strength, threatening further destruction to offshore production and Gulf Coast refineries. At the time some 66% of the US Gulfs normal 1.5mn b/d production capacity was still shut in and six...