Middle East Economic Survey

VOL. XLVIII

No 51

19-December-2005

SUPPLY/DEMAND

PFC Energy Predicts End To Oil Markets Bull Run

PFC Energy predicts that the crude oil markets bull run is nearing an end, and envisages the price for WTI crude easing from an average $60.25/B in 4Q05 to $59.00/B in 1Q06, while the annual WTI prices for 2005 and 2006 are both expected to average $56.50/B. In the Outlook For Fundamentals, Politics & Prices, published on 12 December, the analyst observes: The reaction to...