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Oil on troubled waters logo

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  • The Observer, 
  • Sunday October 12 2008

Oil prices fell on Friday to below $80 per barrel, a one-year low. But analysts expect Opec to cut production at its next meeting in December, if not before. Oil majors like Shell have also sunk billions of dollars into expensive projects like oil sands and giant deep-water platforms. If oil prices keep falling, such costly investment will be scaled back. Together with Opec’s cuts, this makes it unlikely prices will fall much further. Over the longer term, global supplies remain extremely tight. Time to fill up with oil shares?

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