Middle East Economic Survey

VOL. LII

No 5

2-Feb-2009

OIL PRICES

Crude Prices Rangebound Despite US Stockbuild, Glum Outlook For Global Economy

Crude oil prices continued rangebound last week, as traders expectations of OPEC production cuts were balanced against US Energy Information Administration (EIA) which was bearish for crude and widespread sentiment that global oil demand would fall further. WTI had settled above $46/B on 23 January, the highest it had been since it exceeded $48/B during the...