OPEC: Oil prices will stabilize at $80-$110 this year

Shakib Khalil, Algeria's energy and mining minister,OPEC's rotating chairman, said yesterday that international oil prices would remain between $80 and $110 a barrel this yearKhalil said OPEC was under "enormous pressure" to be accused of manipulating high oil prices, but that the surge in international oil prices was due to problems with the US economy and the depreciation of the dollar, which had nothing to do with oil supply and demandOPEC decided at its ministerial meeting on May 5th to keep production unchangedsince the beginning of the year, investors have poured money into dollar-denominated commodity futures, sending oil and other dollar-denominated commodities to record highsAs the U.Seconomy slows and demand falls, international oil prices have retreated after hitting an all-time high of $111.80 a barrel on The 17thShakib Khalil, Algeria's energy and mining minister,OPEC's rotating chairman, said yesterday that international oil prices would remain between $80 and $110 a barrel this yearKhalil said OPEC was under "enormous pressure" to be accused of manipulating high oil prices, but that the surge in international oil prices was due to problems with the US economy and the depreciation of the dollar, which had nothing to do with oil supply and demandOPEC decided at its ministerial meeting on May 5th to keep production unchangedsince the beginning of the year, investors have poured money into dollar-denominated commodity futures, sending oil and other dollar-denominated commodities to record highsAs the U.Seconomy slows and demand falls, international oil prices have retreated after hitting an all-time high of $111.80 a barrel on The 17th(name)