Skyrocketing crude oil prices are likely to continue the upward march and could reach $175 a barrel by Diwali unless there is significant decline in demand from growing economies, analysts say.
Crude oil prices have risen by about $40 since March. Currently on New York Mercantile Exchange, oil traded near record high levels around $142.
“Considering the current situation and pace of price rise, crude oil rates may go up to $175 per barrel in the global market. Prices may get fresh triggers, if Israel attacks Iran this year which would affect Mideast supplies,'' Religare Commodities Head (Commodity Business), Mr Jayant Manglik told PTI.
High volatility spurred by uncertain geo-political tensions, slumping US economy and spiralling demand across the world would continue to support the already high crude oil prices, he said.
“If you look at the technical chart, prices have moved upwardly in the last six months and we expect the bullish trend to continue further in the coming months. Prices may go beyond $175 a barrel and touch $200 per barrel,'' Mumbai-based Kotak Commoditie s Services Technical Analyst, Mr Dharmesh Bhatia said
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