Oil barrel price could hit $110

SPECULATION could push oil prices to rise to $110 per barrel within a few weeks, which may prompt OPEC to raise production, a member of Kuwait’s Supreme Petroleum Council (SPC) said yesterday.

“Demand will increase slightly, but this increase in price is usually technical, due to analysts’ forecasts and speculations,” said Imad al-Atiqi, a member of the country’s highest oil policy body.

However, OPEC members are unlikely to meet before their scheduled meeting in June if prices reach $100 a barrel, Atiqi said.