Oil prices to 'stay high into 2008'

Oil prices will remain at high levels into next year owing to tight supplies and despite fears that a weak US economy may dent crude demand, leading energy consultants said in London today.

The Centre for Global Energy Studies (CGES) also used its latest monthly report to attack Opec, saying the oil-producing cartel had deliberately limited output this year to prevent a sharp fall in crude prices, which last month almost reached a record US$100 ($129).