Middle East Economic Survey


No 27


WTI Declines Below $70/B As Economic Data Curbs Hope Of Returning Demand

WTI crude prices declined throughout the week as data released by the US Energy Information Administration (EIA) showed an increase in commercial petroleum stocks while US unemployment statistics hit their highest level in 26 years. WTI crude closed at $66.73/B on 2 July after starting the week at $71.49/B. The new data on stocks and jobs reversed sentiment in the market...