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Oil to average $62.3
- US: Monday, April 30 - 2007 at 07:22
Crude oil prices are likely to average around $62.3 a barrel in New York this year according to the Octagon Capital Corporation, a Toronto based investment bank, according to agency reports. Octagon pinpointed falling inventories and rising global demand for an upwards adjustment of 3.8% on its original projection of $58.2. The firm said Opec had so far implemented 73% of its intended 1.7m bpd production cutback.
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Jonathan Sheikh-Miller, Deputy EditorMonday, April 30 - 2007 at 07:22 UAE local time (GMT+4)
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This article was updated on Sat May 26 2007.
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