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Oil prices may jump to USD 200 if wide-scale war erupts -- experts
29/08/2013 | 04:59 PM | World News
By Usama Jalal KUWAIT, Aug 29 (KUNA) -- Prices of oil on the international markets are forecast to jump to USD 200 per barrel in the event the forecast military strike on Syria rippled across the region, according to Kuwaiti experts.
The experts, interviewed by KUNA, said the Arab Gulf region "is the key that will decode the prices according to effects of the crisis," also indicating at significance of duration of the predicted military operation.
Khaled Boudai, the chairman of "Al-Ofok" studies center, said rise of the oil prices, during the past days, was due to the "war atmosphere," predicting a USD 10 pb rise of the prices at actual start of the strike, provided that the action remained within Syrian territories, thus the prices might reach USD 125 pb.
If the crisis spills over to neighboring countries, the crude supplies will be heavily affected, thus the prices will jump to unprecedented levels, he said, however they will fall back to a lower level once it ends.
The prices now have been bullish due to the prevailing regional tension and noticeable improvement of economies of influential nations, namely the United States.
Currently, the oil price is in the range of USD 115 pb, but if the war erupts, it will reach USD 150 pb and may also climb to USD 200 pb, he warned, noting that such possible drastic increase of the prices will happen if the scope of hostilities expand.
Moreover, speculations are quite influential in such a tense atmosphere, and now it is the right time for the speculators to be highly active. (more) uj.rk KUNA 291659 Aug 13NNNN
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29/08/2013 | 04:59 PM | World News
By Usama Jalal KUWAIT, Aug 29 (KUNA) -- Prices of oil on the international markets are forecast to jump to USD 200 per barrel in the event the forecast military strike on Syria rippled across the region, according to Kuwaiti experts.
The experts, interviewed by KUNA, said the Arab Gulf region "is the key that will decode the prices according to effects of the crisis," also indicating at significance of duration of the predicted military operation.
Khaled Boudai, the chairman of "Al-Ofok" studies center, said rise of the oil prices, during the past days, was due to the "war atmosphere," predicting a USD 10 pb rise of the prices at actual start of the strike, provided that the action remained within Syrian territories, thus the prices might reach USD 125 pb.
If the crisis spills over to neighboring countries, the crude supplies will be heavily affected, thus the prices will jump to unprecedented levels, he said, however they will fall back to a lower level once it ends.
The prices now have been bullish due to the prevailing regional tension and noticeable improvement of economies of influential nations, namely the United States.
Currently, the oil price is in the range of USD 115 pb, but if the war erupts, it will reach USD 150 pb and may also climb to USD 200 pb, he warned, noting that such possible drastic increase of the prices will happen if the scope of hostilities expand.
Moreover, speculations are quite influential in such a tense atmosphere, and now it is the right time for the speculators to be highly active. (more) uj.rk KUNA 291659 Aug 13NNNN
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