Middle East Economic Survey


No 32


Crude Prices Break Through $80/B Mark

Crude prices moved above the $70/B range on 2 August when WTI settled at 81.34/B and Brent at $80.82/B. This was the highest price reached by crude since early May when WTI exceeded $86/B and Brent came near to $89/B. WTI settled at 82.55/B on 3 August before falling back to $82.47/B on 4 August and $82.01/B on 5 August. A weak dollar helped push the price into the $80/B range, but the gains were trimmed...