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New OPEC forecast forces price of oil even higher.
Knight Ridder/Tribune Business News, October, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 19--Oil prices hit fresh highs above $55 a barrel in New York, as Opec raised its forecast for global demand and dealers predicted the price could spiral to $75.
Prices have surged 80 percent this year though, if adjusted for inflation, they remain around 40 percent below the peak seen in 1981.
Oil cartel OPEC revised its forecast for global demand in 2004 from 81.58 million up to 81.79 million barrels a day due to stronger-than-expected economic growth. However, it edged down its growth forecast for 2005, as it expects the high oil prices to hit consumption.
Chicago Board of Trade chief executive Bernard Dan says the U.S. economy will not be hurt significantly by the...
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