Crude May Rise to $120 in Six Months (Bloomberg)

[katty]

more: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=autFGntuNqZY


Crude May Rise to $120 in Six Months, Taqa CEO Says (Update2)

By Glen Carey

March 4 (Bloomberg) -- Crude oil may rise to $120 a barrel within six months due to the dollar weakness and global political tensions, the chief executive officer of Abu Dhabi National Energy Co. said.

``I think a trading range between $80 and $120 a barrel this year is about right,'' Peter Barker-Homek, the head of the United Arab Emirates state-controlled company, which is also known as Taqa, said in an interview in Dubai today. ``But with the softness of the dollar, and the occasional interruptions that you have because of politics, I think we could see $120 oil.''

In October, Barker-Homek said that crude would rise to $100 from $80 before the end of the first quarter because of unfettered Asian demand growth and possible supply shocks. Oil prices continued to rise today after the Taqa CEO made his latest forecast.

[Catshrink]

1. Thank you GWB.

You've certainly taken care of your friends during your tenure.

[katty]

2. indeed he has.....all the way to $120, and now he's leaving

[bemildred]

3. I love happy talk. nt

[Wednesdays]

4. $120 prediction is hardly going out on a limb

After all, people on this board were moaning about "how high" oil was at $70 just a few months ago!

$120 should easily be surpassed, if not $150, by Election Day.

[bemildred]

5. Yeah, the trend would be $200 in a year or two.

And I don't see any reason to buck the trend.