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Article: Hike could take oil up to $50 a barrel by summer; Market eye; The combination of a rise in oil prices coupled with an increase in diesel duty could take us back to the protest chaos of 2000, argues Ian Fraser
- Article from:
- The Sunday Herald
- Article date:
- May 16, 2004
- Author:
CopyrightCopyright 2004 The Sunday Herald. Provided by ProQuest LLC. (Hide copyright information)
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OIL prices are set to soar as high as $50 a barrel this summer
owing to a tight US petrol market, the continuing instability in the
Middle East and higher demand for oil as China industrialises its
economy, according to analysts at Barclays Capital, the investment
banking arm of Barclays.
The oil-price trajectory will almost certainly continue its upward
path due to greed-induced futures trading among energy speculators
and Opec's self-imposed production constraints.
The surge in global oil prices, coupled with the 1.9p per litre
hike in diesel duty that is being planned by Chancellor Gordon Brown
for September 1, is likely to prompt a rerun of the fuel protests
that brought the UK to a ...