Middle East Economic Survey

VOL. XLVII

No 36

6-September-2004

OIL PRICES

Crude Price Decline Halted By Large US Stockdraw And Yukos Warning

Crude oil prices continued early last week their descent from recent all-time highs peaks of $48.70/B for WTI, $44.33/B for Brent and $42.60/B for the OPEC Basket were scaled on 19 August (MEES, 23 August) but the decline was halted by an unexpected sharp fall in US crude inventories. At a time when news about the conflict in Iraq is a frequent driver...