Oil Price Could Reach $US100

The Australian – THE head of the International Energy Agency (IEA) says the price of oil could rise above $US100 a barrel from just over $US70 now.

Claude Mandil, who is about to visit Australia for a major oil conference, told The Australian Financial Review factors now pushing prices to near record levels were unlikely to change in the near future.

The fossil fuel markets were in a “vicious cycle”, the IEA executive director said. Higher prices and stretched capacity were encouraging “nationalistic” governments and groups with political gains from actions that threatened to further increase prices.
The Australian