Posted AT 2:47 PM EST on 19/05/08
Oil price defies swelling supplies
LONDON — At least half a million extra barrels of oil are expected to flow to world markets each day in June – news that so far has done little to bring down prices from record-high levels.
Oil at close to $130 (U.S.) a barrel is worrying not just for consumers, but also for major oil firms and producer countries fearful of demand destruction and a potential price collapse.
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