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Commodities Briefing - Categorized | Oil, People, Price Watch more

Oil prices ‘nominal not real’: Khatibi

Posted on 11 October 2010

From Kuwaittimes.net: Iran’s OPEC governor said oil prices were “nominal” and the crude market was oversupplied, the Students News Agency ISNA reported yesterday. “The prices of oil in the market which stood between $70 to $80 … are nominal and not real … There is an oversupply in the oil market consequently some countries are stockpiling oil or its derivatives,” Mohammad Ali Khatibi told ISNA.

If we compare the current prices with the prices a few years ago, the real prices will stand at a maximum of $50 a barrel.” Oil prices have recovered from just above $30 a barrel in December 2008 and are trading above the $70-$80 range OPEC has said is acceptable for consumers and producers…………………………………….Full Article: Source

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