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...