ADNOC says oil prices may fall in 2013
- United Arab Emirates: Tuesday, March 12 - 2013 at 06:01
Abu Dhabi National Oil Co (Adnoc) has said lower demand and a rise in global oil stocks may lower crude oil prices this year, Wam has reported. "At a time global oil inventories appear to be ample, experts believe that geopolitical tensions and tightening sanctions against Iran have contributed in creating an unclear picture of price direction while oil prices have maintained levels above $100 a barrel for benchmark Brent crude," Adnoc said. But "there is now concern that prices may fall in 2013," the company added.
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