Oil's 'bull run' may be over
Wednesday, June 18 - 2008 at 11:28
Crude oil's 'bull run' may be over following Saudi Arabia's pledge to increase supplies and the increasing volatility of prices, according to analysts at JP Morgan and Chase. Prices are expected to 'correct' over the next few months, the analysts said, noting that spare production capacity may reach 5 million barrels a day by 2010, similar to levels in 2002 to 2003, when oil was $30 a barrel, reported Bloomberg.
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Jeff Florian, Senior ReporterWednesday, June 18 - 2008 at 11:28 UAE local time (GMT+4)
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