Study warns of $200 oil prices
 08 May 2008
A new study has warned that the price of crude oil could hit $200 (£102) a barrel in just six months unless action is taken to mediate price rises.
Goldman Sachs energy strategist Arjun Murti reports that it is becoming increasingly likely that the price of crude oil will rise to between $150 and $200 over the coming six to 24 months.
According to Mr Murti, the price of crude oil is rising rapidly as supply fails to keep up with growing demand, particularly from developing nations such as India and China.
Supply concerns have helped to push up oil prices in recent weeks, following attacks on oil pipelines and wells in Nigeria and a dispute over nuclear energy between Iran and the US.
Oil prices in New York trading have risen this week to a record high of $122.49 following predictions of high demand over the peak summer season in the US.
Pressure is growing on oil producers' cartel Opec to increase supplies of oil and mediate prices.
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