Middle East Economic Survey


No 43


Is $50/B+ Oil Justified?

The WTI crude oil price reached a new all-time high yet again last week, hitting a trading peak of $55.33/B in electronic dealing early on 18 October, while Brent pushed back above the $50/B mark on 20 October. This market tightness was mirrored in products, with distillates stocks falling for the fifth week in a row and both diesel and heating oil demand and prices running high. The crude price declines of...