Middle East Economic Survey

VOL. LIII

No 49

6-Dec-2010

OIL PRICES

WTI Price Reaches Two-Year High As Brent Punches Through $90/B

The price of WTI on Nymex settled at $88.00/B on 2 December, its highest mark since ending at $88.95/B on 8 October 2008. Meanwhile, ICE Brent broke the $90/B barrier to settle at $90.69/B on 2 December, its highest price since 1 October 2008 when it settled at $95.33/B. Improved data on US housing and retail sales plus a weaker dollar boosted activity in the...