Middle East Economic Survey


No 45


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...