Oil price to stand at 76 USD per barrel this week

BANGKOK, 23 November 2009 (NNT) – The price of oil is unlikely to exceed 76 USD per barrel due to uncertainty about the global economic recovery, according to energy expert, Manoon Siriwan.

Mr Manoon Siriwan stated that oil prices would likely stand at 76 USD per barrel this week after oil prices weakened from 79 USD per barrel last week, due to an unpredictable global economic situation which has reduced investors’ confidence.

Mr Manoon added that the high unemployment rate in the United States is also another factor which has resulted in a lack of investor confidence in the global economic recovery.