Middle East Economic Survey


No 10


US Gasoline Surge Pulls WTI Above $53/B While OPEC Basket, Brent Hit Record Highs

A surge in NYMEX gasoline futures to a new peak on 2 March overwhelmed neutral weekly US crude oil stocks data to pull crude prices higher. That day WTI settled above $53/B, Brent hit a new intra-day high of $53 and the OPEC Basket price topped $47/B. These were the highest WTI and Brent prices since the record-breaking run in late October (MEES, 1 November...