Released on: July 21, 2008, 6:30 am

Press Release Author: NewsNow

Industry: Financial

Press Release Summary: Portway Capital's prediction of oil price resilience is
proven correct

Press Release Body: Portway Capital, the European equity and commodity brokerage who
reportedly predicted that oil prices would remain robust despite Saudi production
increases appear to have had their suspicions confirmed ahead of the FOMC meeting
which will culminate in a rate decision from the Federal Reserve on Wednesday.
Furthermore, a Portway Capital source apparently believes that oil will surge again
following the release of this week's crude oil inventory data Wednesday. Although
oil traded within a range today, to many, the choppy trading reflected the calm
before the storm. Speculators believe that the market has become increasingly
fixated on the level of crude stocks, which have declined for five straight weeks
despite apparent falling domestic demand. A 900,000-barrel drop in inventories is
expected, according to the Portway Capital source.
Portway Capital traders are also thought to be eyeing Nigeria, where continued
militant unrest and a series of strikes have threatened to reduce overall worldwide
crude oil output.


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