Smooth U.S., Iraq elections will push oil prices below $50: OPEC chief
NUSA DUA, Indonesia (AFP) -- Oil prices which spiked to record highs Thursday are expected to fall below 50 dollars a barrel next year on hopes of smooth U.S. and Iraq elections, the president of OPEC said Friday.
Purnomo Yusgiantoro told a conference on the Indonesian resort island of Bali that political fears were driving up prices and long term trading was already showing a downward shift.
OPEC's chief was speaking after light sweet crude oil for November delivery settled to 52.44 dollars a barrel in Singapore, off a closing price of 52.67 dollars in New York overnight after an unprecedented high of 53.00 dollars.
"In futures trading in New York, the price for 2005 is trending lower. This is interesting," Yusgiantoro told reporters.
Yusgiantoro said that oil prices have been rising recently due to the expected increase in demand during the northern winter, but the key problem remained supply fears because of unrest in the Middle East and Nigeria.
"We expect that the election in Iraq will run smoothly, it will lower political fear," he said.
Iraq is to hold polls early next year but unrelenting violence in the country has prompted concerns they will not take place.
Quelle: TehranTimes 09.10.2004
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