Decoupling price from supply

THE recent bull run in crude oil futures underscores two important trends in the oil market – the market is plagued by geopolitical uncertainty and OPEC's surplus capacity has become mostly irrelevant to price setting. By Gomati Jagadeesan

14 February 2013
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The benchmark North Sea Brent crude has continued its upward trajectory in the past few weeks, trading yesterday at $US118.71.

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