Middle East Economic Survey

VOL. XLVII

No 44

1-November-2004

OIL PRICES

WTI Tops $55/B Before Sliding On US Crude Stockbuild And Chinese Interest Rate Hike

Prices for WTI and Brent crude set new records yet again last week, with WTI peaking at $55.67/B and Brent at $51.90/B during early trading on 25 October. Then prices eased after the Norwegian government stepped in to halt an escalating strike of offshore workers. The rise on 26 October was caused by fears over heating oil stocks as winter...