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Market MovementEIA predicts higher prices for US oil, gasPushed by a combination of psychological factors and market fundamentals, the price of US benchmark West Texas Intermediate (WTI) could reach almost $30/bbl in 2003, unless members of the Organization of Petroleum Exporting Countries increase production in the last half of this year, said officials at the US Department of Energy's Energy Information Administration. Click here to enlarge imageEIA officials assumed a boost in OPEC production is forthcoming to keep WTI prices below $30/bbl (see chart). But several OPEC ministers have since indicated they have no intention of changing current production quotas at their scheduled Ju...

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