The Algerian energy minister, Chakib Khelil, has said that the price for crude oil will remain at the current level until the end of 2009.
“The market will stay within a band of US$65 to $70 [a barrel] until the end of 2009, because (US) fuel consumption will rise in summer, but it is difficult to predict the market,” the APSÂ news agency reported that the respected oil official as saying.Â
“The price of oil will very probably pass the $70 a barrel limit from 2010, as the world economy recovers,” he added.
Khelil is also reported as saying that the value of the US dollar and further probelms with the global economy could effect the price.
The oil price has remained around the $68 a barrel mark although this is due to to speculation in the commodities markets rather athan an increase in demand. Oil inventories remain high, while global demand remains low. Â
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