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Oil price rises to continue
19th June 2008, Page 55
19th June 2008
Page 55
Page 55, 19th June 2008
— Oil price rises to continue
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CRUDE OIL IS still trading at more than $130 a barrel, according to John Hall Associates, with UK contract diesel rising to around £1.06/ lit. Rebel attacks have continued to disrupt Nigerian exports, the dollar has weakened again against the euro, and US stock levels are worse than expected factors which will continue to drive crude oil prices up.
While the US economy is still taking a beating, the euro is being held up by a strong German performance and if the exchange rate reaches $1/€1.6, prices will be pushed up again. On a more positive note, Saudi Arabia has agreed to boost production and as US oil refineries finish their maintenance schedules for the year, refinery utilisation is likely to increase.