Crude oil prices on the New York and London markets declined May 18 and early May 19 as the US dollar gained 1% vs. a basket of major currencies and reports indicated that oil exports from Saudi Arabia in March reached their highest level since 2005. The kingdom exported 7.898 million b/d during the month compared with 7.35 million b/d in February, according to data from the Joint Organizations Data Initiative. News of ample supply from the Middle East offset concerns about turmoil in Iraq and Yemen ( OGJ Online, May 18, 2015 ). Analysts, meanwhile, cautioned that the recent rebound in crude prices may be short-lived because of oversupply from the Middle East as well as the US, where the rig count is shrinking and production remains at record levels ( OGJ Online, May 15, 2015 ). According to a report from Reuters, Goldman Sachs reduced its Brent […]