Middle East Economic Survey

VOL. LII

No 16

20-Apr-2009

OIL PRICES

WTI Slips Below $50/B As Supply Remains Abundant

WTI closed at $49.25/B on 15 April after the US Energy Information Administration (EIA) released data showing that US crude oil stocks had increased by 5.6mn barrels from the previous week, an indication that crude supply remains abundant and unable to support a price above $50/B. Those times recently when the WTI price has exceeded $50/B has been attributed by analysts to economic...