Middle East Economic Survey


No 33


Crude Prices Slip Back Into $70-80/B Range

Crude oil prices moved back in the $70-80/B range mid-week following reports from the US Federal Reserve saying that the economic recovery had lost momentum and a report by the US Department of Commerce that said the US trade deficit had grown by 18.8% in June to $49.9bn. WTI crude settled at $75.74/B on 12 August after more US data showed a rise in unemployment compensation claims that further...