Middle East Economic Survey

VOL. LII

No 20

18-May-2009

OIL PRICES

Financial Flows Giving Strength To Market, Says Société Générale

Despite the fact that front month crude oil prices have climbed into the $55-60/B range, the recent strength shown in crude oil prices is based on financial flows and not fundamentals, Société Générale said in the 11 May Oil Drivers report. The bank said it has made no significant change to its view for crude prices going forward. It continues to forecast Brent at...