Oil prices are likely to trade at around $80 a barrel next year, helped
by the weak dollar and the global financial recovery, Adam Sieminski, chief
energy economist for Deutsche Bank, says in an energy conference in
Houston
. Oil
prices will remain strong as long as the dollar is weak, but it's likely that
the Federal Reserve will increase interest rates in a year or so, a move that
could make oil prices go lower, he says.
Sieminski expects the Organization of
Petroleum Exporting Countries, which is meeting next month in
Ecuador
, to
maintain production unchanged as the cartel seems to be satisfied with the
current level of oil prices.