Middle East Economic Survey


No 21


WTI Breaches $60/B Despite Fundamentals Showing Over-Supply

WTI moved above the $60/B mark this week to settle at $61.05/B on 21 May, falling back from the closing price of $62.04/B a day earlier and reflecting a decline in US and global stock markets and a slump in the dollar for the day. The rise in crude prices, touching those not seen since last November, has been attributed to optimism about the general condition of the world economy....