Energy experts puzzled over oil prices (AP)

Courtesy Ytop stories  Wed, 07/02/2008 - 1:53am

A person walks by a photo of a refinery at the World Petroleum Congress in Madrid, Tuesday, July 1, 2008.<br /><br />Oil supplies will remain tight despite record prices and reduced demand from industrialized countries because China and other emerging economies will consume more crude to feed their booming economies, the International Energy Agency said Tuesday.<br /><br />(AP Photo/Victor R. Caivano)AP - As crude soared to a new record, the head of the International Energy Agency declared that the world was in the grip of an "oil shock," and the president of OPEC acknowledged he could not say whether prices would flatten out or continue to soar.



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