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mpc: 11 Oil prices had risen through most of the month, but had fallen back just before the policy meeting to end the period broadly unchanged. This volatility seemed largely to reflect concerns about the potential for oil supply disruptions in Nigeria and the Middle East. There remained significant uncertainty about the future path of oil and other energy prices. Option contracts suggested that financial market participants thought the risks to future oil prices were skewed to the upside. Non-oil commodity prices had increased strongly in recent months, which seemed likely to reflect the acceleration in world industrial production and expectations of continued growth.