Middle East Economic Survey

VOL. LII

No 30

27-Jul-2009

OIL PRICES

Crude Oil Market Steady As Traders Gauge Economic Signals

Crude oil prices were relatively steady last week, with the WTI and Brent benchmark crudes both showing gains but staying short of the $70/B mark. While weekly US petroleum data published on 22 July gave a boost to prices because of a draw on crude inventories, the overall demand outlook continues weak. Oil traders and investors continue to gauge the broader economic outlook...