GLOBAL ECONOMIC REPORTER

The Energy Information Administration (EIA) released its monthly Short-Term Energy Outlook today. The spot price of West Texas intermediate (WTI) crude oil, a widely cited benchmark price for crude oil, hovered around $70 per barrel through most of June and is expected to average near that level through the remainder of 2009 before rising slighly to an average of $72 per barrel in 2010. Annual average price for regular-grade gasoline for 2009 is expected to be $2.36 per gallon. Annual average for 2010 is expected to be $2.69 in 2010 due to pick-up in demand as the global economy recovers from the recession.