Oil prices could rise to $70 a barrel by late

Opec’s complacency in Vienna has set the scene for another upward price spiral, according to the latest report from the Centre for Global Energy Studies (CGES).

It says that Opec’s failure to increase oil supply at that meeting has set the scene for another upward spiral in oil prices over the [northern] summer. A relatively tight oil market is expected to remain throughout 2007, translating into higher oil prices, which will continue into the first half of next year. Some assumptions show Dated Brent rising to above $70 a barrel (bbl).