OPEC's $100 Oil Goal Could Short-Circuit U.S. Recovery

Filed under: Forecasts, Bad News, Commodities, Oil

One thing OPEC can never be accused of is: being a bastion of economic stimulus.



An OPEC official said some members of the group are calling for a $100 per barrel oil price, due to the dollar's recent weakening. Oil is priced in dollars.



Venezuelan Energy and Oil Minister Rafael Ramirez told Bloomberg News the recent fall in the dollar means the "real price" of oil is $20 less than current levels, justifying a $100 price. Oil closed down $1.43 to $81.26 per barrel Friday.

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OPEC's $100 Oil Goal Could Short-Circuit U.S. Recovery originally appeared on BloggingStocks on Fri, 15 Oct 2010 16:30:00 EST. Please see our terms for use of feeds.

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