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Oil prices expected to hit $100 in 2010 say Dubai traders
Published on January 5, 2010 by oilprices · 6 CommentsOil prices expected to hit $100 in 2010 – “As far as current demand trend shows, we will not be wrong to expect the price to rise as high $100 by mid 2010. We are not only seeing a better crude demand but also a better demand for the refined products,” said a Dubai-based trader. Dubai based traders reiterated that they expect the bull run to continue this year.
The comment comes in tandem with the views of Barclays Capital which said that crude demand will rise to a high of $100 a barrel this year, but will average at about $85 a barrel.
Robin Mills, a Dubai based oil economist, said that the oil’s price in 2010 will depend on the level of compliance that OPEC members have built up a spare capacity and this has a potential to destabilise a rise in prices,” Mills said.
Besides an improving demand, there are several other factors driving oil. Dheeraj Shahdadpuri a Dubai based oil analyst said that investment demand in a confident looking oil has also been driving its price. In what supports this view, investments worth $ 274.6 mn moved into oil and gas ETFs in Europe alone according to a recent report from Blackrock. Besides, geo-political concerns are also driving oil, according to Barclays Capital.
Tags: 2010, Dubai, oil prices, traders
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According to the economist Jeff Rubin, in his 2009 book “Why Your World Is About To Get A Whole Lot Smaller”, the airline industry cannot tolerate oil prices that remain above $80 a barrel.
If he’s right, then we can expect many airlines to cease trading in the near future.
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Let me guess….the “Dubai Traders” stand to make a fortune if they ignite some excitement by making a statement such as this.
How about this…in my perfectly middle class neighborhood in Massachusetts, since the end of September, just over 50% of the married me have become unemployed…several recently. None of us have found a job and many of us are hearing it’s not going to happen till 2011.
I hope I’m dead wrong and things get better, but it sure sounds like those who stand to gain are the ones who throw this propaganda out there for you folks to feed into.
Seriously…what do you think $100 a barrel oil and the resultant gas pries will do to the economy of the US and other nations. Boost it?
It does make for humerus reading some days.
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Reading and analyzing Dubai Traders. No logic is conveinceing me to have a price of $100/Barell. World is going on to be still in financial crises. People or loosing their jobs and in low incomes. Economy of the most countries will collapse and the world will be back in heavy recession again. I think this is not acceptable for economy and the the demand of the oil will decrease and all the world will be in working to locate any other substititue way.
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The sort of oxymoron here that will bite the Dubai traders in the behind is that if oil does in deed go to $100…the economy most everywhere will collapse…including that of the oil exporting countries who won’t be in great financial straights if nobody is buying their commodity.
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can you tell me does dubai have open out cry oil trading , if so could you
tell me do you have training for oil gas traders.
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It looks like they’re wrong, I doubt oil will be able to sustain $80 this year.