Middle East Economic Survey


No 31


Crude Prices Hit New Peak As Yukos Troubles Attract Speculators

WTI crude hit a new peak of $43.05/B during trading on 28 July, before easing to a settlement record of $42.90/B. At the same time Brent reached its highest value in 18 years. The peak followed the announcement by Yukos that bailiffs had ordered a halt to sales, and the resultant buying flurry demonstrated the oil markets current tension and its attractiveness to speculators....