Middle East Economic Survey


No 50


Oil Prices Decline As Market Sees Eurozone Crisis Impacting Demand

The price of WTI slipped below $100/B to settle at $98.34/B on 8 December as concerns that the Eurozone debt crisis may lead to recession reduced confidence in oil demand growth. Improved data regarding the US employment situation had first encouraged crude prices in the US, but a statement by ECB President Mario Draghi suggesting that the bank may not increase its...