The oil prices could rise to 100 dollar

Oil prices could rise to $100 per barrel for a short time and speculative investors have increased and driven up prices, Helmut Langanger, board member of Austrian oil and gas group OMV said in a newspaper interview.

Oil prices touched an all time high at $90.07 per barrel last week, easing to $88 on Monday supported by violence between Turkish soldiers and Kurdish guerrillas and a record-low dollar.
"We have scheduled $60 per barrel in our 2008 investment budget," Langanger told Austrian daily Wirtschaftsblatt in an interview published on Monday. "(But) looking at the next year or two I would calculate a price band between $60 and $80, and for a short time it could rise to $100."

US oil has rallied more than 10 per cent since Oct 8, climbing towards the inflation-adjusted high of $101.70 hit in April 1980, a year after the Iranian revolution. Langanger also said that speculative investors had emerged more strongly on the market again, which drove up the prices.

Courtesy:The Economics Times
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