Oil price close to US$120 & possibly US$200
CRUDE oil hit a new record of nearly US$120 a barrel yesterday as a workers’ strike closed a major British oil pipeline and fresh violence in Nigeria reignited supply fears.Rationing is already being enforced at some British outlets amid panic buying.Soaring oil prices are hurting Singapore car drivers at the petrol pump, just as they are adding to corporate costs around the globe - fuelling growing inflation fears.
The question on everyone’s lips now: Just how high will oil prices go?
Experts and other oil industry figures are split. Some say it could hit US$200 a barrel, but others expect the price to ease to an average of US$95 a barrel this year and the next.
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