Storms sustain oil prices
Monday, 8 September 2008
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Oil prices have remained firm amid fears of the impact of Hurricane Ike on production in the Gulf of Mexico.
Meanwhile its anticipated a meeting of the oil producing cartel OPEC tomorrow will agree to maintain output at current levels which is expected to bring a rise in prices as demand increases with the approach of autumn and winter.
Tomorrow's meeting is also expected to indicate the oil producer's future output plans.
Brent crude will target a return to the $112 - 114 region with little prospect of any dip below recent lows predicted Paul Harris Head of Natural Resources Risk Management at Bank of Ireland.
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