Oil set to rise
AFP, Paris,
High oil prices are here to stay in a world of uncertainty over tropical storms and geopolitical factors such as the London bombings, the International Energy Agency warned on Wednesday. But the IEA revised down its estimate of 2005 global oil demand to 83.88 million barrels per day from 84.30 million bpd forecast a month ago, in its monthly Oil Market Report. In June, world production of crude oil fell to 84.6 million bpd, representing a decline of 155,000 bpd from the May figure.
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