Middle East Economic Survey

VOL. XLVII

No 29

19-July-2004

OIL PRICES

Market Caution Keeps WTI Hovering Around $40/B

Crude oil prices were relatively static early last week, as traders maintained their positions in view of the ongoing potential for Middle East supply disruptions and continuing strong consumption on 13 July the IEA predicted that 2004 demand growth would reach a record 2.5mn b/d. While the market was well supplied after OPECs recent production increases, the underlying expectation...