Michele Kearney's Nuclear Wire: Iran Says Crude Price At $100 Not To Hurt World Economy

Tuesday, November 23, 2010

Iran Says Crude Price At $100 Not To Hurt World Economy

http://www.energy-daily.com/reports/Iran_Says_Crude_Price_At_100_Not_To_Hurt_World_Economy_999.html Tehran, Iran (XNA) Nov 23, 2010 Iranian OPEC Governor Mohammad Ali Khatibi said that an oil price of up to 100 U.S. dollars would not hurt global economy, local satellite Press TV reported on Monday. Khatibi said on Sunday that the world economy is in a position to absorb an oil price of 100 U.S. dollars, and many experts believe that an increase in the price of oil up to 100 U.S. dollars per barrel will not create problems for the market, said the report.
Khatibi added that dollar depreciation is one of the main reasons behind the recent fluctuations in crude prices.
On Friday, crude prices plunged on demand concerns, but before Friday's plunge, crude prices had risen more than 7 percent this month and hit a two-year high this week.
Light, sweet crude for December delivery dropped 2.93 U.S. dollars, or 3.3 percent, to settle at 84.88 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude fell 2.47 dollars to settle at 86.34 dollars a barrel on the ICE Futures.