Oil: 65 to 70 dollars a barrel until the end of the year

The price of a barrel of crude oil will change between 65 and 70 dollars until the end of 2009 before rising up in early 2010, said Saturday in Algiers on the Algerian Minister of Energy, Chakib Khelil.

•     “The prices will be in the range of 65-70 dollars until the end of 2009, as consumption of gasoline in the U.S. will increase in summer, but it is difficult to predict the market,” said M . Khelil, quoted by the press agency APS.
  
      “Oil prices are very likely to exceed the level of 70 dollars a barrel from the year 2010, thanks to an upturn in the global economy,” he added.
  
      According to Mr. Khelil, “the market remains sensitive to factors such as the dollar, now down, or a possible deterioration in the global economy which could adversely affect the price of crude.”
  
      Oil prices have taken in recent days an upward trend exceeding 70 dollars per barrel, higher for nearly seven months, driven in particular by the weak dollar, market optimism and appetite for raw materials.
  
      The price of light sweet crude “quoted in New York raised Friday to 70.32 dollars, its highest since 4 November 2008, before falling under the influence of a strong rebound in the dollar.
  
      
  Ennaharonline/ M. O.