BP: Oil prices have support level of $30/bbl for Brent

11/01/2004
Oil prices apparently have a support level of $30/bbl for North Sea Brent crude, based upon their recent record and the world supply-demand balance, BP PLC Chief Executive John Browne told reporters Oct. 26 in London.He sees the $30/bbl support level "for at least the medium term" in discipline by the Organization of Petroleum Exporting Countries and in the needs of members for revenue."The recent surge in the oil price above $50/bbl has raised many questions about future prospects and whether or not there has been some fundamental change in the oil market," Browne said.In the 1990s, the Brent oil price averaged $18.50/bbl, with temporary spikes above $20/bbl. The price was closer to $10/...
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