However, with Saudi Arabia pledging to replace Iraqi exports and the ousting of the Venezuelan president fuelling expectations of a less stringent oil policy, the price dropped to $ per barrel in the middle of April. With the return of President Chavez to power the oil price once again increased to levels above $ per barrel.
Crude oil prices, however, recently fell more than 1 per cent after Israeli forces pulled out of the Palestinian leader’s headquarters, easing concern that the conflict may escalate and disrupt Middle East oil flows. 3. Prospects for the US  Among the industrialised countries, the upturn is expected to be the strongest in the United States.