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2008 May 27   13:29

Oil prices to slip back to around $70 a barrel - Eni Chief Executive

Eni Chief Executive Paolo Scaroni reiterated he expected oil prices to slip back to around $70 a barrel from their current record levels above $130. Oil was at around $133 on Tuesday morning.

"The market is well supplied ... Several signs let me think that demand has started to fall. I think that in the long term, prices will fall back to more reasonable levels, around $70 a barrel," he said.

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