Middle East Economic Survey

VOL. XLVII

No 40

4-October-2004

WTI Crude Passes $50/B Before US Stockbuild Eases Market Tension

WTI reached a new peak of $50.47/B in electronic trading early on 28 September and the main benchmark crudes all achieved new settlement highs that day, after oil companies shut in some production facilities in the Niger Delta as local rebels fought with Nigerian government troops.

The new peak showed the vulnerability of crude oil prices to any prospect of...