Market speculators have kept oil prices high,but energy analyst Amy Myers Jaffe,a researcher with Rice University,Houston,expects a "more bearish outlook" for 2005.Speaking at a recent engineering and construction industry conference,she emphasized that the psychological factors are likely to outweigh market fundamentals in determining a barrel's price.The speculative community is especially looking at conditions in Saudi Arabia:its political stability and ability to control terrorism within its borders.
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