Middle East Economic Survey


No 21


WTI Crude Price Remains Near $100/B As Economic Worries Gather

The price of WTI settled at $98.44/B on 19 May as US economic data showed that high prices at the gasoline pump are beginning to restrict consumer activity, suggesting a slowdown in the economic recovery. WTI has mainly closed below $100/B since 11 May. The Governing Board of the International Energy Agency (IEA) issued a statement on 19 May (see page 11) calling for oil...