Global crude oil price expected to fall to US$54-65/barrel this week

BANGKOK, 16 August 2009 (NNT) – Energy expert Manoon Siriwan forecasted the global crude oil price to shrink to 54-65 US dollars per barrel this week if there was no good news to stimulate the price, adding that the US Dollar currency should be under close watch.

Mr Manoon stated that the declining crude oil price at present was resulted from speculation after the Consumer Confidence Index (CCI) in the US had not yet rebounded as expected. Earlier, analysts believed that the rising crude oil price to as high as 70 US dollars per barrel was not resulted from the real fundamental factors.

As for the tendency of the domestic oil retail price this week, the expert deemed that the price could fall if the global crude oil price declined continuously since at present the operating cost of oil entrepreneurs was at 1.4-1.5 baht per liter.