Oil prices hit record highs of more than $78 in July, against the backdrop of the conflict in Lebanon.
Some analysts feel that there is enough geopolitical instability in oil-producing nations such as Iran and Nigeria for prices to rise again.
But the director of commodity strategy at Societe Generale, Michael Guido, said that traders were reacting less to news events such as kidnappings of oil workers in Nigeria and the possible imposition of sanctions on Iran.
"Too much money has been lost on what-if scenarios," he said.
The president of Opec, Edmund Daukoru, told the Reuters news agency that the oil group's members were generally in favour of a further cut to output before the end of the year
http://news.bbc.co.uk/2/hi/business/6157004.stm


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