Oil prices forecast to rise to US$75 per barrel next year: report

SEOUL, Sept. 25 (Yonhap) -- International oil prices are expected to rise next
year amid growing signs of a global economic rebound, a government report showed
Friday.
According to the report by the Ministry of Strategy and Finance, the benchmark
Dubai crude price will likely rise to an average of $75 per barrel next year
after standing at $60 per barrel this year.
The forecast is based on expectations that demand will increase as the global
economy recovers from its downturn.
The government, however, predicted oil prices will not likely rise as high as in
2008 when crude oil soared to around US$150 per barrel.
Oil prices are closely related to inflation in South Korea, which imports almost
all of its oil needs. Korea is also the world's fifth-largest oil importer.
Based on the forecast, the government predicted that consumer price growth here
would stabilize at around 2-3 percent next year.
kokobj@yna.co.kr
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