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25 May 2024

Opec president: oil prices to keep rising

By Agencies



The new Opec president Chakib Khelil said on Saturday he expected oil prices to keep rising during the first quarter of this year before stabilising in the following quarter.

"The rise is likely to continue until the end of the first quarter 2008 and will stabilise in the second quarter," Khelil, who is also Algerian Energy and Mines Minister, told the Algerian official news agency APS.

Khelil, pictured above, linked the steady rise of oil prices to "political tension in Pakistan, escalating violence in Nigeria and decline of oil inventories in the United States", APS added.

Oil in New York hit $100 a barrel on Wednesday, the first trading day of the new year, and analysts said crude might make further gains. (Reuters)