Middle East Economic Survey

VOL. XLVII

No 42

18-October-2004

OIL PRICES

WTI Scales $54.88/B On Light Sweet Crude Squeeze And Distillate Stocks Fears

Benchmark crude prices reached fresh highs again last week, as the continuing squeeze on light sweet crude oil supplies was exacerbated by fears for winter supplies of heating oil. With Iraqi production more stable than it has been for some time, current supply threats all relate to light sweet grades. The 475,000 b/d of US Gulf production still...