Commodity Observatory |
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We have revised our oil forecasts upwards to US$ 104 and US$ 81 by the end of 2008 and 2009 respectively. This revision is consistent with our expectation of a slowler appreciation of the USD and a weaker supply response. The very high plateau that prices have reached in the last few weeks should also extend the time need to reach equilibrium prices. Corn soared due to bad weather in US. Agriculture Bad weather conditions in US (for corn and soybean) and in Australia (for wheat) are driving
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