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mpc: 2 Oil prices had risen sharply during 2004, and the Committee discussed the possible implications for the global economy and for the United Kingdom. Since the beginning of 2004, the spot price of Brent crude oil had risen by some 17% in dollar terms. Oil futures prices had also risen. However, the spot price had fallen by around 6% in dollar terms, and 8% in sterling terms, since the Committee's May meeting, in part because of the decision by OPEC to raise official quotas.