Middle East Economic Survey

VOL. L

No 7

12-Feb-2007

OIL PRICES

WTI Tests $60/B As Supply Concerns Outweigh Ample Distillates Stocks

Crude oil prices were volatile last week, with WTI testing $60/B a number of times before easing as traders judged heating fuel supplies to be adequate despite the cold snap in the northern US. Besides the cold weather, front-month prices also received support from expectations that OPEC would remove enough supply from the market under agreed production cuts to tighten...