"Central bankers sneezing one way or another is a main element of the current oil price composition,"
oil analysts for Petromatrix said Tuesday. Crude futures firmed during European morning trading on Tuesday, stabilizing after Monday's late selloff which was triggered by gains in the US dollar following the US Federal Reserve chairman's speech warning of the increasing risk of inflation.
"Today we are witnessing a critical increase in the price of hydrocarbons,"
Alexei Miller, head of Russian energy giant Gazprom told journalists during a meeting of the European Business Congress. "Now the price is going to reach a level never before seen. The perspective will be $250/barrel of oil and the competition for this resource will be strong."
Updated: June 10, 2008
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