Standard Chartered Bank, has released a statement that has brought smiles to many faces. The market has seen an increase in the supply of oil, and it is therefore expected, that the price of oil might lower in 2007. On Wednesday, Helen Henton, head of the commodity research department, said that even though the oil prices are expected to lower, political tensions could cause unforeseen spikes in the price of oil. Although global growth is also expected to slow, it will not reflect on the demand for oil, which is expected to keep growing throughout 2007.

