[Vision2020] Oil Hits New Record Closing High: $117.8 Barrel

[Ted Moffett]

http://www.middle-east-online.com/english/?id=25487

Iraqi oil minister Hussain Al-Shahristani argued that an increase in OPEC
production would not bring the relief the market was calling for since
prices were being driven primarily by speculative investment in commodities.


"There isn't much OPEC can do," the minister told reporters.

An increase in output "is not going to solve the situation. The solution is
in the hands of the speculators. They're the ones who are fixing the price
and not the producers," Al-Shahristani added.

In recent weeks and months, oil prices have also been boosted by the weak
dollar.

The sliding value of the US currency makes dollar-priced goods cheaper for
foreign buyers and therefore tends to encourage oil demand, traders said.

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Vision2020 Post: Ted Moffett
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