Global crude oil prices to remain firm: Sharma

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New Delhi, Oct 17 (UNI) Discussing the impact of global recession on oil markets, Oil and Natural Gas Corporation (ONGC) today said the international crude oil prices will remain firm as ''softening is just a temporary phenomenon.'' ''I think the prices of international crude oil prices will remain firm...For last five years, the crude oil prices have gone up, except at the times when there is a global slowdown,'' ONGC CMD R S Sharma told reporters here on the sidelines of 11th Energy Summit, organised by the Assocham.

It is being suspected that the Organisation of the Petroleum Exporting Countries (OPEC) will reduce supply to support prices as they have fallen more than 50 per cent to nearly 70 dollars per barrel on demand worries amid the global economic downturn.

UNI SBA SG HT1307

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