Volatile but robust energy prices to continue

07/11/2005
Crude oil futures prices for August delivery settled at $60.54/bbl on June 27 on the New York Mercantile Exchange-marking the first time crude oil has settled at $60 or higher since NYMEX began trading oil futures in 1983.Then, the crude oil price declined for three consecutive sessions, settling at $56.50/bbl on June 30, down by $4.04/bbl from its record settlement.Analysts called the market nervous, saying they expect volatile but robust oil and natural gas prices to continue.Standard & Poor’s analyst John Thieroff said, “Worldwide petroleum demand growth is projected to remain strong during 2005 and 2006, implying that oil has not yet hit a price level that would cause ...
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