Middle East Economic Survey

VOL. LI

No 3

21-January-2008

Crude Prices Ease Further As Concerns For US Economy Mount And US Crude Stocks Rise

Fears of US recession and increases in US crude and products inventories undermined oil prices last week. Prices rose on 14 January after President George W Bush accused Iran of promoting terrorism and urged Gulf Arab states to put pressure on Tehran, but the bearish momentum returned to take WTI below $90/B at times. However, short-covering prevented a...