OPEC Head Warns Oil Could Hit $200 a Barrel

Supply trouble, weak buck, speculation will keep price climbing
By Jason Farago,  Newser Staff
Posted Apr 29, 2008 5:26 AM CDT
Striking workers stand outside the Grangemouth oil refinery in Scotland Monday April 28, 2008.   (AP Photo)
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(Newser) – The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak dollar and investor speculation, will keep prices rising.