Middle East Economic Survey

VOL. XLVII

No 46

15-November-2004

Crude Price Dynamics In Flux

Crude oil prices began to slide early last week, as traders saw strong evidence of ample supplies and hints of faltering demand growth. Setting off the decline, speculative investors reduced their long positions dramatically in the week ending 5 November, taking profits from the recent long price rally. The price fall came in spite of: renewed warnings of strike action in Nigeria, with an implicit threat to...