OIL PRICES

摘要

West Texas Intermediate (WTI) futures finally breached the US$140 per barrel-mark on June 27, pushed up by supply concerns and speculative hedge fund movements. Price swings have been especially volatile over the past month. Geopolitical tensions following I ranian missile tests and US$ weakness played a part in lifting prices above US$145. But Saudi Arabia's pledge to increase production amid concerns about the impact of high commodity prices on the global economy has also prompted sudden declines to US$135 per barrel. Ongoing fighting in Nigeria's oil-producing region and a strike at Petrobras (Brazil's state oil company) led to another rebound on our survey date. Moreover, our panel's forecast for WTI three months hence has jumped from US$119.8 in last month's survey to US$129.8.