Middle East Economic Survey

VOL. XLVII

No 34

23-August-2004

Oil Prices Approach $50/B On Supply Threats And Robust Demand

Crude oil prices continued their relentless rise over the last week to new record highs as evidence grew that higher oil prices were having only a limited impact on global economic growth, and therefore demand, and amid new threats to supply in Iraq. NYMEX WTI crude oil futures hit a new high of $48.75/B on 19 August as Iraqi insurgents threatened to target oil infrastructure...