Crude May Rise to $120 in Six Months, Taqa CEO Says
March 4 (Bloomberg) -- Crude oil may rise to $120 a barrel within six months due to the dollar weakness and global political tensions, the chief executive officer of Abu Dhabi National Energy Co. said.
``I think a trading range between $80 and $120 a barrel this year is about right,'' Peter Barker-Homek, the head of the United Arab Emirates state-controlled company, which is also known as Taqa, said in an interview in Dubai today. ``But with the softness of the dollar, and the occasional interruptions that you have because of politics, I think we could see $120 oil.''
In October, Barker-Homek said that crude would rise to $100 from $80 before the end of the first quarter because of unfettered Asian demand growth and possible supply shocks. Oil prices continued to rise today after the Taqa CEO made his latest forecast.
Crude oil for April delivery rose as much as 70 cents in earlier electronic trading on the New York Mercantile Exchange and was up 28 cents at $102.73 a barrel at 2:06 p.m. London time. The Organization of Petroleum Exporting Countries will meet tomorrow in Vienna, where members have already ruled out changing output.
The dollar traded near a record low versus the euro as traders increased bets that the Federal Reserve will lower interest rates by 0.75 percentage point this month. The U.S. currency was at $1.5217 per euro.
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