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Shell: speculators boost oil price, supply adequate

LONDON
Tue Apr 29, 2008 5:46am EDT

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LONDON (Reuters) - Near record-high oil prices contain an element of speculation and there is sufficient supply in world markets, Royal Dutch Shell's (RDSa.L) Chief Financial Officer Peter Voser said on Tuesday.

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Oil hit a record high of $119.93 on Monday as investors fretted over supply disruptions in Nigeria and Britain.

"There is a lot of equity being switched into commodities, that is ... more the speculative element rather than actually the fundamentals," Voser said at a press conference following first-quarter results that beat forecasts.

"We have enough product and enough crude."

Producer countries have also blamed speculation for oil's rally and said there is no reason to increase output.

(Reporting by Alex Lawler; editing by Peg Mackey)
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