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/ 31 December 2006
Crude oil prices could head lower in 2007 from current levels of about per barrel, as global production catches up with demand and geopolitical risks lessen, experts say. Despite hitting record highs in July, oil futures in New York ended the year about 1,5% lower than at the beginning of 2006, with futures in London up just 2%.
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/ 13 December 2006
Crude oil prices could head lower in 2007 after striking all-time highs above per barrel this year, as global production catches up with demand and geopolitical risks lessen, experts say. ”This year, the main story has been the political-risks story,” Global Insight oil analyst Simon Wardell said.
The African state of Angola, emerging from 27 years of civil war, is attracting increasing quantities of foreign investment in its oil industry and is on the path to becoming one of the world’s biggest crude exporters. Angola is set to double its production of oil in the next three years to reach two million barrels per day in 2008.
World oil prices hovered on Tuesday close to record high levels as concerns about supply disruptions lingered in the wake of a decision by Iraq to cease pumping crude from its southern oil fields. Brent North Sea crude oil for September fell 27 cents to ,29 per barrel in early afternoon trading in London, below Monday’s record high closing level of ,56.
Oil prices resumed their upwards march on Thursday as supply fears persisted despite a lifeline for Russian energy giant Yukos and efforts by Opec to reassure markets it still has spare output capacity. Brent North Sea crude oil for September delivery rose 55 cents to ,25 a barrel in early trading in London.