Crude oil prices might drop - OPEC Chief said

by Anuradha Agarwal for Dream Visions    July 26, 2008

OPEC chief said that crude oil prices might drop to 70 dollars if dollars strengthen and concerns over Iran are reduced.

The OPEC chief Chakib Khalil said on a sideline of a conference that there are two conditions for dropping down of crude oil prices. First, the US dollar has to strengthen and second, the problem with Iran should be resolved, then crude oil prices might drop and will back between 70 dollars to 80 dollars.

Khalil is Energy minister of Algeria.

At end of this week, crude oil prices dropped to $125 in London and New York.

Crude Oil prices has dropped by $25 from its high in less than two week.

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