Oil at US$120 expected soon

Global oil price could soon touch US$120 per barrel due to persistently high demand as well as speculation, said an oil expert.

Manoon Siriwan said in a television programme that investors have shifted investment into the oil commodity market, pressuring oil prices to move upward. Moreover, the low temperature in the western hemisphere would further raise oil demand.

New York's oil futures yesterday made the intraday new high at $110.20 per barrel, the highest in 15 years, before closing at $109.92. The new high was breached despite the announcement of higher-than-expected oil reserves.

Chaivat Churitti, senior executive vice president of PTT, said that following the injection of $200 billion into the US economy as well as subsiding violence in the Middle East, crude oil demand has risen. Dubai crude oil yesterday rose to $96.92 a barrel, up $4.94.

Refined petrol went up to $112.01 a barrel, up $2.59, while refined diesel at $126.45 or an increase of $10.72.

"The sharp spike incurs the loss of Bt2 per litre in marketing margin for PTT," he said.

- The Nation

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Oil at US$120 expected soon

Global oil price could soon touch US$120 per barrel due to persistently high demand as well as speculation, said an oil expert.

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