Middle East Economic Survey


No 52


Crude Prices Bolstered By US Crude Stockdraw

Crude oil prices eased early last week because of a gloomy outlook among traders and analysts for the global economy, but were bolstered on 19 December by weekly US petroleum data which showed an unexpectedly large decline in crude oil inventories. Société Générale analyst Michael Wittner observed in his US Petroleum Report: Crude oil stocks fell by a sharp 7.6mn barrels last week, mostly due to...