Sunday, July 6, 2008

Opec Chief: Oil Prices to Continue Higher

From The Hindu, India's national online newspaper:

Oil prices are likely to rise further largely due to a weak dollar and geopolitics, Chakib Khelil, president of the Organisation of the Petroleum Exporting Countries (OPEC), said on Sunday.

“The price of oil will rise again in the coming weeks. We have to follow the evolution of the dollar, because a one per cent fall in the dollar means four dollars more on the price of oil,” Mr. Khelil said in an interview to Algeria-News.

“I believe that 60 per cent of the rise is due to the fall in the exchange rate of the dollar and to geopolitical problems, and 40 per cent to the intrusion of bioethanol on the market,” he said.
The full article can be found here:

OPEC President Predicts Further Rise in Oil Prices