Middle East Economic Survey


No 34


WTI Price Moves Back Above $70/B With News Of US Crude Inventory Decline

The price of WTI moved up mid-week following the release of data by the US Energy Information Administration (EIA) showing that commercial crude oil inventories fell during the week ending 14 August. WTI jumped above the $70/B mark on 19 August, rising by more than $3/B from the previous day to close at $72.42/B, followed by further improvement on 20 August, when it...