Kuwait's Petroleum Council - Oil Could Reach $110 in Next Few Weeks

Image via WikipediaSpeculation could push oil prices to rise to $110 per barrel within a few weeks, which may prompt OPEC to raise production, a member of Kuwait's Supreme Petroleum Council said on Sunday.

"Demand will increase slightly, but this increase in price is usually technical, due to analysts' forecasts and speculations," Imad al-Atiqi, a member of the country's highest oil policy body, told Reuters in a telephone interview.

"This (increase) could be a reason to increase production so the oil market does not get worried ... especially if the rise was quick and crossed the $110," he said. More...