05 Mar '11, 5am

Oil prices could double amid Arab unrest

Oil prices could double amid Arab unrest

LONDON: The price of a barrel of crude could double if the unrest in the Arab world deteriorates, oil trader turned British international development minister Alan Duncan warned Saturday. Duncan, who has 30 years' business experience in the Gulf, told The Times newspaper that the price of a barrel of crude could top $200 (140 euros), well above the record high of $147 reached in July 2008. If extremists used the instability in the Arab world to bomb oil tankers, pipelines or Saudi reserves, prices could even hit $250 a barrel, Duncan said. The Times said analysts fear such highs could trigger another recession in Britain. "I've been saying in government for two months... $200 is on the cards if this goes wrong, if anyone is reckless and foments unrest. All I'm predicting is danger," said Duncan. "It could be very serious. If crude oil doubles, you're going to have a very s...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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