Middle East Economic Survey

VOL. XLVII

No 37

13-September-2004

OIL PRICES

Crude Prices Rangebound By Strong Supplies And US Stockdraw

Crude oil prices eased early last week after Saudi Aramco announced on 6 September cuts in the range $1.20-2.25/B for October deliveries of the countrys four main crude oil grades to western markets. The cuts reflected a dramatic weakening of global markets for sour crudes in August and were taken by the markets as a signal that overall crude supplies were exceeding...