With oil prices nudging US55/b the general media is once again full of instant commentary about the seriousness or non-seriousness of the situation.It therefore seems appropriate to try to separate facts from conjecture.A near synchronous economic recovery around the world has produced strong demand for oil products and,in consequence,high spot prices for crude.The steady and progressive rise in the spot price tends to confirm the view that this is basically demand driven,with speculative activity simply adding swings around an upward trend.
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