Middle East Economic Survey


No 23


Crude Prices Rangebound In Volatile Trading

Benchmark crude oil prices were rangebound last week, in volatile trading driven by concerns about the economic recovery on the one hand and bullish weekly US petroleum data on the other. While traders were to a large extent balancing commodities against equity market investments, oil fundamentals became a factor with larger than expected draws on US crude and gasoline inventories. The US Energy...