From Levine Breaking News:
OPEC LEADER KHELIL SAYS DOLLAR WILL DRIVE OIL TO $170:
OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year, citing the dollar's decline and political conflicts. "Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro," Khelil said today in a telephone interview.
The leader of the Organization of Petroleum Exporting Countries also serves as Algeria's oil minister.
UP 46% THIS YEAR!:
Oil has climbed 46 percent this year as the U.S. dollar declined against the euro and the MSCI World Index of global equity markets dropped 12 percent. Oil may extend gains if the European Central Bank boosts rates on July 3, further weakening the U.S.