Middle East Economic Survey


No 39


Oil Market Continues Rangebound As Traders Gauge Economy And Inventories

WTI crude oil continued to trade in the $65-75/B range last week, with evidence of global economic recovery providing market support while bearish pressure came from high levels of crude oil and products inventories. WTI crude returned above $70/B on 22 September, as the dollar fell to a one-year low against the euro. Reuters that day quoted Mark Waggoner, President of...