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Article: No relief from high oil prices...
- Article from:
- UK Weekly
- Article date:
- November 9, 2007
- Author:
CopyrightCopyright Oxford Economic Forecasting Nov 9, 2007. Provided by ProQuest LLC. (Hide copyright information)
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Oil surges toward $100 per barrel...
* Oil prices have continued to rise in recent weeks, despite some evidence of slowing growth in the major economies. Since the start of November, Brent crude prices have risen around US$5 pb to US$94 pb, and there seems no obvious short-term impediment to prices rising through the US$100 pb mark. Indeed, given geopolitical risks surrounding the Middle East, it is not difficult to imagine a further spike taking prices well beyond $100 pb.
...and prices to remain high...
* Nominal oil prices have now risen around 60% over the last year, and in real terms, oil prices are at their highest levels since the early 198Os - though they remain below their 1980 ...