Middle East Economic Survey


No 34


Crude Prices Hit New Peak Then Tumble Despite Gasoline Stockdraw

Crude oil prices reached new peaks on 12 August, with WTI touching $67.10/B and Brent $66.85/B in intra-day trading. Then a bout of profit-taking by traders and investors reduced prices a little; but the easing became a slide on 17 August despite the publication of weekly US stocks data which showed a strong draw on gasoline. While the inventories data appeared bullish, it...