Crude oil prices 'to hit $60 a barrel this year'

27 April 2009

Crude oil prices could recover from the recent slump to reach as much as $60 (£41.33) a barrel by the end of this year, an official has claimed.

Opec secretary general Abdullah al-Badri told Reuters that there is currently "a glimmer of hope" that the global economy could begin to pick up over the coming months.

He claimed that this would result in an increase in demand for crude oil across the globe, helping to push prices up from current levels of around $51 a barrel.

Mr al-Badri said: "I think it will be $60 odd by the end of the year if we see some change on the demand side."

This could prompt home heating oil customers to stock up on supplies of the fuel now in order to avoid any potential hike in the cost of crude oil.

Mr al-Badri's comments come after Saudi Arabian oil minister Ali al-Naimi warned that the current low price of crude oil is halting further investment and exploration projects, sowing the seeds for "future spikes and volatility".

Click here for a home heating oil quote.