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Oil prices have this week eased by some $10 a barrel from last week's highs around the $110/b level, but appear to have found solid support at $100/b. And there is a greater chance of a move to the upside than to the downside.

US light crude for May delivery was up by $0.60/b on Wednesday, at $101.82/b, while Brent futures were up by $0.51/b, at $101.11/b. Over the coming weeks, many analysts expect further oil-price inflation – probably back to $110/b. And, at some stage this year, they may add another $10-15/b on top of that. The main bearish consideration is the US' slow-down, but this is already factored into prices and, unless there is a substantial deterioration in the global macro-economic outlook, there seems little likelihood of a significant downside shift. The bullish elements, meanwhile, remain in place: principal among them is the falling dollar. According to Daniel Yergin, chairman of Cambridge

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