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Oil Ministers See Demand Rising, Price May Exceed $85

Crude oil demand will gain this year and prices may rise to more than $85 a barrel as markets shrug off concern a debt crisis in Greece may spread to other European nations and slow growth, OPEC ministers said.

“By bailing out Greece, its bailing out the future of Europe,” Algeria’s oil minister Chakib Khelil said today at a conference in Doha, Qatar. “Prices should go back to $80 to $85 a barrel.” Libya’s National Oil Corp. Chairman Shokri Ghanem said “prices could reach $85, $87, even higher” after the European Union rescue package.