Stage set for $US80 oil prices

[jpak]

http://www.smh.com.au/news/business/stage-set-for-us80-oil-prices/2007/05/25/1179601621566.html

Global oil prices could easily rally to record levels above $US80 a barrel this European summer, analysts forecast on Thursday, due to Middle East tensions, red hot Chinese growth and a reluctant OPEC.

But record high prices will not have the same impact on oil demand as in the past few years since consumers have grown accustomed to it.

London Brent crude, currently seen as more representative of the global oil market, briefly rose on Thursday to a nine-month high of $US71.42 a barrel.

"It looks like prices are going to move even higher because of geopolitical tensions and tightness in the US," said Christopher Bellew, senior vice president of Bache Commodities. "We could easily get to $US80. $US10 is nothing in these markets."

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[Warpy]

1. Yep, every time

Stupid waves his willie at Iran, the price per barrel goes up a dollar.

If only we could staple that man's lips shut for the next two years!