A statement by OPEC chief has had an undesirable affect on oil prices- pushing them back past US$140. OPEC chief has raked up an issue about uncertainty surrounding future investment in energy facilities to boost crude output. New York's main oil futures contract, light sweet crude for August delivery, closed at US$140.97 a barrel. On the other hand, The International Energy Agency (IEA) has stated that growth in supply will outpace demand until 2010, after which the oil market would likely experience supply tensions.
02-Jul-08 
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