Middle East Economic Survey


No 42


WTI Price Breaks Out Of $65-75/B Range To New Yearly High

WTI crude settled at $77.58/B on 15 October, having broken out of the $65-75/B range where it had been since mid-summer, to reach a new high price for the year. WTI had not traded at this level since mid-October 2008, and last week the price climbed throughout the week on the back of a weakened US dollar, while the 15 October close followed the weekly data release by the Energy...