Oil Price of $50 a Barrel Is in the Pipeline, Say Economists

Summary

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A JUMP in Iraqi oil exports kept a lid on prices yesterday, but economists stuck with their predictions that US light crude could still hit $50-a-barrel before too long.

Benchmark US crude, which hit an all-time high of $49.40-a- barrel on Friday but fell sharply just ahead of the weekend, had been showing renewed strength early yesterday on continued unrest in the Iraqi holy city of Najaf. October light crude, on its first day of trading as the front month, was firmly in positive territory early on at more than $47-a-barrel. However, last night it was down 31 cents on the day at $46.41.

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Oil Price of $50 a Barrel Is in the Pipeline, Say Economists

Benchmark North Sea Brent followed a similar pattern. It was down 14 cents at $43.40 last night - having hit an intra-day...

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