"It is predicted that with the continuation of the current devaluation of the dollar, oil prices will be about 35% higher at the end of this year. As much as the value of dollar is appreciated or threatened, oil prices will go through fluctuations."
The continuing devaluation of the US dollar will see oil prices continue to rise, finishing the year around $160/barrel, Mehr news agency reported Wednesday, quoting NIOC director for marketing, Mohammad Ali Khatibi, a senior official from the National Iranian Oil Co.
"Current crude prices of around $122/b are extremely high. But they will likely hover above $100/b this year as there is no sign of prices easing."
Crude oil prices will likely hover "above $100/barrel" this year with the continuous flood of funds coming in from financial markets, coupled with the uncertainty over geopolitical situations, Nippon Oil president Shinji Nishio said Wednesday.
Updated: May 7, 2008
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