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This is an archive article published on August 3, 2009

Iran says oil prices expected to rise by Jan

Iran's OPEC governor said crude prices were expected to reach 80 a barrel by January,the oil ministry website,SHANA,reported on Sunday.

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Iran8217;s OPEC governor said crude prices were expected to reach 80 a barrel by January,the oil ministry website,SHANA,reported on Sunday.

8220;Because of encouraging developments in the oil market,the oil prices will reach 80 per barrel by the end of this year,8221; Mohammad Ali Khatibi said.

Khatibi8217;s remarks contradicted his comments on Friday when he said the prices were 8220;not expected to increase by January8221;.

Oil climbed above 67 on Friday,rising for a second day on renewed expectations,mainly on equity markets,of a global economic recovery that may increase the worlds energy demand. Irans OPEC governor said on Friday that some of the cartel members may demand in its next meeting further crude production cut if oil prices continued to drop.

US light crude was up 35 cents at 67.29 a barrel by 0758 GMT. London Brent crude gained 16 cents to 70.27.

 

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