Middle East Economic Survey

VOL. LII

No 26

29-Jun-2009

OIL PRICES

WTI Moves Back Above $70/B Despite Earlier Signs Of Price Correction

WTI crude returned above $70/B on 25 June after settlement in the high $60s/B range on the previous four days suggested that a downward correction in the price was underway. The rise was attributed to improved sentiment on Wall Street and reported problems at ExxonMobils Baytown, Texas, refinery, prompting demand for gasoline. The bombing of a pipeline in Nigeria by...