Middle East Economic Survey


No 47


WTI Tops $100/B, Falls Back On Eurozone Worries

The price of WTI crude settled at $102.59/B on 16 November on news that the flow of the Seaway crude oil pipeline would be reversed in order to move crude from congested Cushing, Oklahoma, to the US Gulf Coast. But WTI slipped on 17 November to settle at $98.82/B due to profit-taking and continuing fears over the future of the Eurozone. Despite improvements in US economic data, a cost...