Middle East Economic Survey

VOL. XLVII

No 27

05-July-2004

Crude Prices End Higher On US Stocks, Naimi Comments

Crude prices ended the week higher despite a sharp fall early last week, as the US handed over sovereignty in Iraq to an interim government, two days earlier than the official handover date. The price fall had begun on 25 June, when the Norwegian government intervened to end an offshore workers strike, but gathered momentum on 28 and 29 June as traders adjusted to news from Baghdad. The...