ABU DHABI — The price of crude oil was expected to skyrocket to $150
per barrels over the next few months.
An analysis by Saxo Bank said the price of oil would continue to rise
sharply in 2008. The analysis said inflation as well as growing demand would
fuel the rise in global prices.
Saxo, the specialized investment bank headquartered in Denmark, said gold would hit $1,000 per ounce as the price of all precious
commodities would rise. The analysis linked the movement of oil and gold.
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"The problem with oil is that you do have these perfect storms," a Saxo
analyst told a presentation in Kuwait on Feb. 16.
"We have an optimistic
outlook — that oil by the end of the year will hit $150. All the signs are
there. Now it depends on how the economies will develop."