Middle East Economic Survey


No 45


WTI Moves Above $80/B Following Bullish US Data, But Then Retreats

The price of WTI moved out of the high $70s/B range to close at $80.40/B on 4 November following the release of weekly data from the US Energy Information Administration (EIA) that showed a decrease in US crude oil inventories of 4mn barrels from the previous week. Writing in Société Générales US Petroleum Report on 4 November, Michael Wittner, Global Head of Oil Research, said...