Oil Price Adds To Fed Dilemma

May 2004 | Market Strategy

Brent crude has come off the May 7 thirteen year highs of US$40.05/b in the wake of Saudi Arabia having called on Opec to raise its output limit by at least 1.5mn b/d. For now, Saudi attempts to blunt the spike in world oil prices and thus dampen down demand for crude appears to be working with Brent falling to around US$35.00/b. However, although on a technical basis, which we have been forecasting for the past

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