Press TV reported that Mr Mohammad Ali Khatibi OPEC governor of Iran predicts a rise in oil prices for 2010 due to rising signs of recovery in the global economies.
Mr Ali Khatibi said that there are hopes of likely recovery in oil market regarding demand capacity and the return of the global economy to the normal condition.
He said that “Weak US currency is the main reason behind the current rise in oil prices as the dollar hit a 14 month low against a basket of currencies last week. The recent oil prices show a better economic condition compared with the past and we should be confident that the USD 70 to USD 80 prices will not have negative effects on the economic recovery.”
Mr Khatibi noted that oil prices could increase from the current levels and an unexpected cold spell in the US might push up the prices.
The comments came as US crude for December delivery fell 12 cents to USD 79.43 per barrel while, London Brent oil was down 17 cents at USD 77.75 on October 28th 2009. Oil prices increased about 78% this year but it is still around 46% below a record high of USD 147 per barrel in July 2008.
The Organization of Petroleum Exporting Countries which in September agreed to maintain output quotas at 24.845 million barrels per day will hold its next meeting in Luanda, Angola on December 22nd 2009.
