28.02.2012 - Oil prices may increase by 10pct over 2011 levels
The recent surge in crude oil prices is a wholly unpleasant development. Oil prices had increased by 30% in 2010 and by another 40% in 2011. It was a reasonable expectation that in 2012, notwithstanding the slow pace of growth in the developed world and some slowing in growth in the developing world too, oil prices would nevertheless rise - but by about another 10%. In fact, the International Energy Agency ( IEA) had reduced its forecast oil demand for 2012 both in January and in February, by a total of 0.5 million barrels per day...............................................Full Article: Source
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