Wednesday 6 July 2011

FUNDVIEW-Oil will hit $150 in U.S. despite IEA -Guild | Reuters

The price of physical crude oil will hit $150 a barrel this year in the United States due to unrest in North Africa and the Middle East, despite the emergency oil stock release coordinated by the International Energy Agency (IEA), a U.S. fund manager said.

Monty Guild, the chief executive of Guild Investment Management, said the IEA's move did not change oil's fundamentals.

'Our opinion continues to be oil prices will reach $150 barrels this year due to the fighting near Saudi Arabia,' Guild told Reuters in a telephone interview.


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