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Dallas Fed analysts see reprieve from record-high oil prices

08/25/2008
World oil prices apparently have been given a reprieve from their early summer peak, two analysts in the Federal Reserve Bank of Dallas’ economic research department contended on Aug. 14.Prices pulled back 20% from a record $147.27/bbl on July 11 to close at $118.58/bbl on Aug. 6, Stephen P.A. Brown and Jackson Thies said in their latest quarterly energy update. “Even after the recent decline, prices are almost 60% above year-ago levels and up around 20% year-to-date. The futures market was in backwardation on Aug. 6, with the December 2010 contract closing at $115.95, implying that markets expect the long-term price of oil to be slightly lower,” they observed.Like their...
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