Contact:
Mag. My Hue McGowran
Phone: +43-1-81140-308
E-Mail: mcgowran@newsfox.com
| Pressbox | 
|
London (pte026/29.06.2005/12:11) - Oil prices reached $61 per barrel on Tuesday after Monday's prices rocketed to $60.95 - the highest ever since oil was first traded in 1983. The surging prices have sparked concern about global demand.
Victor Shum, a Singapore-based analyst with US energy consultancy Purvin and Gertz http://www.purvingertz.com said: "The key factors supporting prices are the relatively strong global demand and tight supply capacity both in refinery capacity and crude production capacity."
Analysts at the Sucden brokerage commented that: "Fundamentally there does not seem to be much that could pull the market lower until the high prices eventually erode demand. There remains the potential that oil prices could continue to head higher until we see definite signs of a slowing in demand or that crude and product stocks start building again."
Sheikh Ahmad Fahd al-Sabah, Kuwait's energy minister, said that the possibility of raising oil output to 500,000 barrels per day (bpd) was under discussion. The move would stabilise prices if there was a rise in demand.
(end)
|
|
