Sun, Jul 16, 2006 - Page 10 News List

Global tensions ignite oil market

NEW HIGHS With Brent North Sea crude hitting a high of US$78.03 on Friday, traders said developments in Israel and North Korea could propel prices to as high as US$100


Tony Nunan, the Tokyo-based manager for energy risk management at Mitsubishi Corp, agreed US$100 oil was a possibility.

"I don't want to cause panic in the market ... but I think the market has to understand that triple-digit [oil prices] are not a fantasy anymore and are definitely possible," he said.

"We'll definitely be seeing US$80. It could either gradually escalate ... or it could explode," Nunan said.

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