Middle East Economic Survey

VOL. XLVIII

No 33

15-August-2005

WTI Tops $66/B As US Refinery Glitches Constrict Gasoline Supplies

Crude oil prices set new records once again last week. WTI hit $66.00/B and Brent touched $65.66/B in intra-day trading on 11 August, while in electronic trading on 12 August WTI climbed even higher to $66.11/B. A volatile week of trading opened with a surge on 8 August as the US closed its missions in Saudi Arabia because of terrorist threats, and Iran said it would...