Middle East Economic Survey


No 13


Crude Prices Tumble On Profit-Taking And US Stockbuild

Crude prices eased early last week from the previous weeks all-time highs, as investors took profits and OPEC officials said that a further supply increase was possible. While prices remained below the 17 March intra-day trading peaks of $57.60/B for WTI and $56.15/B for Brent, these two crudes did achieve new settlement records (see table). At the same time the OPEC Basket matched...