Prices of oil will remain in USD 65-70 pb range — Algerian minister

Oil prices will remain in the range of USD 65-70 per barrel, the Algerian Minister of Energy and Minerals, said on Saturday.

Chekib Khalil, in a statement to reporters, said the prices of the crude would remain at this level till the end of 2009, basing his forecast on prospected hike of the prices of auto fuel during the summer — particularly in the United States.

 
Recent jitters in the prices of the crude was related to the drop of the rate of the US dollar and the global economic recession.

 
Khalil said the price of the oil might exceed the level of USD 70 pb at start of the year 2010, to coincide with foreseen recovery of the global economy.