OPEC chief predicts oil prices will continue to rise

0 Comments | AFP, May, 2008

MADRID (AFP) — The price of oil will continue to climb, especially if there is no improvement in the outlook for the dollar, OPEC president Chakib Khelil told Spain's national radio Monday.

"We are going to witness a price rise," especially if the economic situation in the United States persists and the dollar continues to decline, he said.

The US economy has been buffeted by a lingering housing market slump, a related credit crunch, increased job cuts and record high crude oil prices.

Oil rose in Asia on Monday and was trading at around 132 dollars per barrel, not far from the all-time high above 135 dollars hit last week amid concerns about inadequate output and robust demand.

Khelil blamed the soaring price of oil on speculators, geopolitical...