Middle East Economic Survey


No 33


WTI Hovers Around $70/B Amid Promising Economic News, Despite Abundant Supply

The price of WTI settled at $70.16/B on 12 August amid growing sentiment that the global economic downturn has reached bottom. Speculation continues to call the shots with little regard to fundamentals: there is weak demand and large inventories, and floating storage continues to grow. Weekly data published by the US Energy Information Administration (EIA) showed...