Middle East Economic Survey

VOL. LIV

No 4

24-Jan-2011

OIL PRICES

WTI Declines Below $90/B On Stock Build

The price of WTI crude settled at $88.86/B on 20 January following data released by the US Energy Information Administration (EIA) showing that inventories had increased by 2.6mn barrels, an unexpected rise. Writing in the US Petroleum Report on 20 January, Michael Wittner, Global Head of Oil Research at Société Générale, said the stock build confounded expectations of a 500,000 barrels...