Middle East Economic Survey
VOL. LIV
No 45
7-Nov-2011
Oil Prices Rally After Greek Referendum U-Turn, Improved US Data
The prices of WTI and Brent rallied on 3 November following news that the Greek government would not hold a referendum on the austerity measures that it must apply in order to stay a member of the Eurozone. The Greek decision and an announcement by the European Central Bank that it would reduce interest rates by a quarter of a point to 1.25% led the euro to rise against the...
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