Sun, Jul 16, 2006 - Page 10 News List

Global tensions ignite oil market

NEW HIGHS With Brent North Sea crude hitting a high of US$78.03 on Friday, traders said developments in Israel and North Korea could propel prices to as high as US$100

AFP , NEW YORK

Tony Nunan, the Tokyo-based manager for energy risk management at Mitsubishi Corp, agreed US$100 oil was a possibility.

"I don't want to cause panic in the market ... but I think the market has to understand that triple-digit [oil prices] are not a fantasy anymore and are definitely possible," he said.

"We'll definitely be seeing US$80. It could either gradually escalate ... or it could explode," Nunan said.

This story has been viewed 2996 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top