Middle East Economic Survey

VOL. LII

No 3

19-Jan-2009

OIL PRICES

WTI Continues Downward Trend With Cushing Stockbuild, Brent Seen More Realistic

WTI crude continued to trend downward during the week, closing below $36/B on 15 January, as crude stocks in the US at Cushing, the Nymex delivery point, near the brim. By comparison, ICE Brent crude held steady during the week and has taken on the mantle of the crude most attuned to global fundamentals. Writing in the Barclays Capital Weekly Oil Data...