IMF has cut its oil price outlook to $52

IMF has cut its oil price outlook to $52
# 17 January 2007 15:57 (UTC +04:00)
The International Monetary Fund has cut its oil price outlook to $52 for this year which will have a generally positive impact on global growth and inflationary pressures, the APA report. The fund’s managing director, Rodrigo de Rato, said in Washington. The outlook is virtually unchanged from the fund’s September forecast for $75.50 per barrel.
“Certainly, from the point of view of oil-producers, there has been a very important amount of windfall revenues because of this situation. Although oil prices have dropped from the peak of $70-something, I mean they are still substantially strong. We are talking about $55, $52, $58 per barrel, so there are a lot of opportunities for oil-producing countries�.
On January 16, Oil slumped some $1.80 or 3.4% to the lowest it’s traded since May 2005. /APA/
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