Middle East Economic Survey
VOL. XLVIII
No 9
28-February-2005
OPEC Reassures As WTI Tops $50/B
Oil prices rose sharply last week, with WTI exceeding $50/B for the first time since early November, in a flurry of short-covering in crude and heating oil because of a cold snap in the US and Europe. Heating oil futures drove the price surge, with Nymex March heating oil reaching a 13-week high of $1.4831/gallon. While some traders said that the heating oil strength would not last, given the approach of...
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