Middle East Economic Survey

VOL. LII

No 6

9-Feb-2009

OIL PRICES

Crude Prices Remain Above $40/B, Buoyed By Prospect Of Further OPEC Cuts

The price of Nymex crude continued rangebound near $40/B last week as the US Energy Information Administration (EIA) reported that crude inventories in the US had grown to 346.1mn barrels buoyed by suggestions from OPEC that further production cuts may be called for when the group meets again in March. WTI crude settled at $41.17/B on 5 February, after gains were...