In recent weeks, spot prices have eased back from mid-October’s record levels, and market participants in oil futures markets seem to expect spot prices to ease somewhat further over the next two years. But both the global demand for oil and the availability of new supplies are notoriously difficult to predict.
BIS Review 68/2004  3  Another uncertainty revolves around the effect of current tax policy on economic activity. Fiscal policy, which has been stimulative this year, is expected to shift to a fairly neutral stance in 2005, following the removal of the partial-expensing provision for various capital goods at the end of this year.