Global Markets

Global Markets Update
15 February, 2008

Winter delays the easing of oil prices, for now

Concerns about supply and strong winter demand have pushed Brent crude back above $95 per barrel
(pb). However, the International Energy Agency’s (IEA) downward revision to demand forecasts and
further changes to the subsidy regimes in emerging economies reaffirm our view that prices are
heading below $80 in the second half of 2008....

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