Interview with Chris Weafer
Published time: 9 Nov, 2007 15:57 Edited time: 9 Nov, 2007 18:57
There seems to be no end to the rise in oil prices, as geopolitical instability and the weakening dollar drive traders' concerns. Chris Weafer, Chief Strategist at Uralsib, says it's a matter of days until the $US 100-per-barrel barrier is broken.
He sees the falling value of the dollar rather then the possible disruption of supply from the Persian Gulf as the main reason for the soaring oil price.
Another key factor is that companies are trying to build up stocks of oil as a safeguard for the future.