Middle East Economic Survey

VOL. XLVII

No 35

30-August-2004

Oil Prices Ease From Record Highs As US Gasoline Stocks Seen Above Normal

Oil prices eased last week when the latest round of US inventory data showed that gasoline stocks were above normal levels as the US driving season draws to a close, prompting heavy fund selling across the energy complex. Improved Iraqi exports in the week and the successful negotiation of a truce to the fighting in Najaf also took some heat out of the market as...