No 20


Crude Prices Hit All-Time High On New Evidence Of Demand Strength

Crude oil prices reached their all time highs last week, with WTI front-month hitting a new peak of $41.17/B in electronic after-hours trading on 14 May, after major revisions to both IEA and EIA data showed that demand this year has been higher than expectations, while supply has been faltering. The price rise came despite a call by Saudi Arabia on 10 May for OPEC to increase quotas by 1.5mn b/d when...