Middle East Economic Survey


No 10


WTI Bound In $40-45/B Range By Economy And OPEC Cuts

The price of WTI was rangebound last week, with a ceiling provided by the continuing weak performance of US stock markets and a floor by indications that OPEC production cuts are starting to remove excess supply from the market. Reflecting the easing of the WTI glut, the gap between WTI and Brent narrowed to just a few cents when in recent weeks it had at times exceeded $10/B. The Nymex crude...