Middle East Economic Survey

VOL. XLVII

No 49

6-December-2004

Crude Prices Plunge On US Stocks Data

WTI and Brent crude prices fell by more than $5/B over two days after weekly US stocks data published on 1 December showed higher than expected increases in both crude and products inventories. The data included the second weekly increase in distillate stocks after 10 weeks of decline, taking the edge off traders fears of a heating oil squeeze over the winter. This was compounded by comments from...