Middle East Economic Survey


No 21


Crude Oil Price Slide Continues as Eurozone Concerns Linger

The slide in crude prices continued last week, as concerns over the Eurozone debt crisis and its potential impact on the global economy and oil demand saw investors exit riskier assets in favor of safer havens such as the dollar and gold. OPEC views the price decline as being unrelated to market fundamentals. Algerian energy minister Chakib Khelil told reporters on 19 May: As soon...