Middle East Economic Survey
VOL. LII
No 31
3-Aug-2009
Crude Oil Markets Focus On Economic News, Pay Little Heed To Fundamentals
The price of WTI stayed in the upper $60s/B range for most of last week, except when it closed at $63.35/B on 29 July following the release of data by the US Energy Information Administration (EIA) showing an inventory build of more than 5mn barrels from the previous week. Brent crude continued to trade at a premium to WTI, settling at $70.11/B on 30 July with WTI at...
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