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Oil May Rise to $75 a Barrel, says top man at CBT.
Crude oil prices, which rose to a record $55 a barrel in New York on Friday, may increase further and peak at $75 a barrel, said Bernard Dan, President of the Chicago Board of Trade, the second-biggest U.S. futures market. ``Given that some production is going on around the world, I can't see it much higher than $75 unless there are disruptions in supply lines,'' Dan said on Publishing & Broadcasting Ltd.'s Nine Network's Business Sunday program in Sydney. ''I think that the U.S. economy is strong enough to absorb that.'' Crude oil for November delivery on Friday closed at $54.93 a barrel on the New York Mercantile Exchange after reaching $55 during the day, the highest since futures began in 1983. Oil in New York has surged 26 percent in the past month.Posted by: Mark Espinola 2004-10-17 |
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