Middle East Economic Survey


No 40


Crude Prices Make Home Of Mid-$60s/B-Low $70s/B Range

WTI closed at $70.82/B on 1 October, up for the second day after the release of weekly oil data by the US Energy Information Administration (EIA) on 30 September that showed improved demand for products. The price of WTI had been in the $65-66/B range since 24 September, but jumped to $70.61/B after the EIA report. Speculation over political concerns appears to have returned the scene as the...