The Energy Information Administration (EIA) now sees a sustained uptrend in global crude oil prices
By Staff -- Purchasing, 5/6/1999 6:00:00 AM
The Energy Information Administration (EIA) now sees a sustained uptrend in global crude oil prices due to a recent agreement to reduce production among world producers. After selling for less than $12/bbl last quarter, EIA thinks West Texas intermediate could rise to $18/bbl by year-end. Reason: World demand for crude oil this year should exceed supply by 1.2 million barrels/day, according to the Energy Department.
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