Middle East Economic Survey

VOL. LI

No 44

03-Nov-2008

OIL PRICES

WTI Crude Stays On Downward Tack Despite Brief Rally

WTI crude closed at $65.96/B on 30 October, erasing half the gains from the previous day when Nymex crude jumped $4.77/B to close at $67.50/B. WTI kept pace as Wall Street and other global markets rallied on 29 October spurred by a cut in interest rates in the US, China and elsewhere in an attempt to halt any deepening of the global recession. However, data released by the US...