Ghanem: Oil to Reach $90

Oil prices could hit $90 a barrel as early as next week spurred on by rising demand from the US, Libya’s top oil official said ahead of the release of a closely watched report on US stockpiles.

“I expect them to hit $90 and continue to go up a little more by next week,” Shokri Ghanem, Chairman of Libya’s National Oil Co. told Zawya Dow Jones by telephone on Wednesday.

“Demand is part of it, demand is increasing because the economy is improving and stocks are going down in America so we are expecting prices to increase soon,” he added.
New York’s main contract, light sweet crude for delivery in May, rose 10 cents to $86.94 a barrel.

Ghanem ruled out the need for an emergency meeting of the Organization of Petroleum Exporting Countries, or OPEC, to address the sharp rise in prices before its next scheduled gathering in October.

“There is no guarantee that this trend will continue for more than a week or two,” he said.

On Thursday, however, oil prices fell, dropping further away from recent 18-month highs as traders tracked lower stock markets, the strengthening dollar and growing US crude inventories….read more 


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