Middle East Economic Survey

VOL. XLVII

No 25

21-June-2004

OIL PRICES

Next Big Move In Oil Prices Should Be Downwards, Says Merrill Lynch

While WTI crude recently reached an all-time trading high of $43.23/B, triggering predictions of $50/B oil and continued high prices, the next $10/B move in prices should be downwards, barring a disastrous supply problem, according to Merrill Lynch. In The Market Economist of 10 June, a team of Merrill Lynch analysts led by First Vice-President David A Rosenberg...