Oil prices flat at US$59 at the beginning of the week

13-Nov-06

Oil price opened flat at around US$59 on Monday morning, on a lack of fresh news. Oil prices have tumbled from the high price of US$78 a barrel in July, and has been trading in the range of US$57-61 over the past five weeks. A report by the International Energy Agency has trimmed outlook for 2006 global oil demand growth to 1.1% from 1.2%. Demand growth for 2007 held at 1.7%. The IEA has also forecast a 2.6% jump in Q4 global energy demand, citing high consumption in the United States.