Middle East Economic Survey

VOL. L

No 16

16-Apr-2007

OIL PRICES

Crude Prices Supported By US Gasoline As Brents Premium To WTI Increases

Crude oil prices held firmly above $60/B for WTI, Brent and the OPEC basket last week, supported by growing gasoline market tightness ahead of the summer. This was reflected in another large gasoline stockdraw in weekly US petroleum data published on 11 April. Barclays Capital analyst Paul Horsnell observed in the Weekly Oil Data Reviewthat inventories had fallen...