Middle East Economic Survey

VOL. XLVII

No 24

14-June-2004

OIL PRICES

Crude Prices Settle In Lower Range As Traders Factor In OPEC Supply Boost

Benchmark crude oil prices eased from their recent all-time highs last week, as speculative investors reduced their long position in crude oil futures in response to OPECs 3 June decision to bring new oil supplies to the market (MEES, 7 June). Prices appeared to be constrained within a range of about $35-40/B, with the expectation of additional crude oil...