Oil Prices to Remain Strong in Q3 – CGES

RTE Business – Oil prices, fresh from striking records above $78 a per barrel, will remain firm in the third quarter of 2006, the Centre for Global Energy Studies said in a monthly report published today.

‘The CGES expects oil prices to remain firm or even strengthen this quarter,’ the influential research body said. With many Asian refineries undergoing maintenance shutdowns, global demand for oil would rebound and support higher price levels, which have already been boosted by simmering geopolitical tensions in the Middle East, the CGES said.
RTE Business