Middle East Economic Survey

VOL. XLVII

No 25

21-June-2004

OIL PRICES

Crude Prices Continue Rangebound Despite Iraqi Pipeline Blasts

Crude oil prices continued rangebound below $40/B for WTI last week, despite explosions on both Iraqs northern and southern crude export pipelines that shut in exports which have recently been running at around 1.8mn b/d. Crude prices held steady, with traders expecting disruption to present no major problems because of the amount of Middle East oil on the water after...