Middle East Economic Survey

VOL. XLVIII

No 48

28-November-2005

OIL PRICES

Crude Prices Driven Up By Cold Weather Concerns

Crude oil prices strengthened early last week, as cold weather in the northern hemisphere raised concerns over winter heating fuel supplies. However, trading was tentative as speculative investment funds maintained their largest net short position in more than two-and-a-half years, suggesting that prices were expected to continue to drift downwards in the near term. The price...