Oil Prices Look High For Some Time

“The price of oil is likely to stay high in the near future, analysts are warning.

Strong demand and continued fears over the situation in Iraq are keeping prices up, say analysts.

A barrel of crude cost just over US$41.60 in New York – bringing the price close to the US$42.45 level recorded last month.

With producers working hard to pump enough oil, analysts say soaring demand may outstrip supply in the coming months.”