Oil prices stabilise

At US$125

The Irish Times reports that oil prices have stabilised at around US$125 this week while there has been a larger than expected inventory of stocks.

Meanwhile, today's Seattle Times is reporting 

;American Petroleum Institute chief economist John Felmy as saying that a fall in consumer prices is unlikely.

 

"You have 2 billion people who want cars," he said.

 

The thirst for oil is growing faster than the world's capacity to produce it — at least 600,000 barrels a day faster, according to Energy Information Administration data.

 

Last modified on Thursday, 15 May 2008 12:09

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