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Crude Oil Prices to Rise by Summer: Iran

Service : Economy
TEHRAN, May 9 (ICANA) – Iran's OPEC Governor Mohammad Ali Khatibi says global crude oil prices are expected to recover by the beginning of the summer season.
Monday, May 09, 2011 9:01:31 AM
Crude Oil Prices to Rise by Summer: Iran

Khatibi told Reuters in a phone interview on Sunday that the price of oil would pick up again by the summer, noting that Iran has based the oil price for the budget bill for the current Iranian calendar year (started on March 21) on $81.50 per barrel, well below global prices over the past two months.

"One reason for the fall in prices is because the dollar gained strength, and to some degree a stronger dollar does compensate the lower oil price," said the official.

He also mentioned reports indicating high unemployment rates in the US as the reasons behind the drop, saying, “There is a rush among traders right now to sell both oil and gold, but as I said when gasoline demand grows higher in the summer the prices could rise again."

Khatibi noted that the market is still well-supplied and there is no shortage, adding that OPEC is due to meet in June, and if supply remains at the current levels there will be no need to boost output.

Over the past week, oil prices retreated by a record of more than $16 a barrel on demand worries and spreading the news of al-Qaeda leader Osama bin Laden's death.

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