Middle East Economic Survey


No 8


Crude Oil Prices Rise Despite US Crude Stockbuild

Benchmark crude oil prices rose within the $70-80/B range last week, as traders gauged the prospects for continuing economic recovery and tighter sanctions against Iran over its nuclear program. The sharp rise on 18 February came despite increases in both crude oil and gasoline inventories in weekly US petroleum data. In the Oil Sketches report of 17 February, Barclays Capital...