Monday, July 7, 2008

Oil prices are not likely to fall

OPEC chief Chakib Khelil says the world's surging oil prices are not likely to fall. He says strong market demand, especially from China and India, is one reason prices will stay as high as they are. But Khelil told a conference on energy in Algiers on Sunday that the steady increases of late "have nothing to do with supply and demand." Khelil, who serves as Algeria's energy minister, blames the rise on the weak U.S. dollar.

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