Middle East Economic Survey

VOL. XLVIII

No 35

29-August-2005

Oil Prices Rally To New Highs On Stocks, Hurricane Worries

Oil prices surged to new all-time highs last week on the back of concerns about US stocks levels, particularly gasoline, and the potential impact on oil production and refining of the latest hurricane to develop in the Gulf of Mexico. An unexpected large draw revealed in weekly US gasoline data and Hurricane Katrina, which has made landfall in Florida and could start affecting...