Petrobras Sees Oil Price Rising Amid Middle East Instability
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Petroleo Brasileiro SA expects oil to keep rising in coming years after conflicts in Libya and across the Middle East sent the price to above $100 a barrel, Chief Financial Officer Almir Barbassa said.
Crude, which gained 0.8 percent to close at $104.79 a barrel in New York yesterday, is unlikely to drop back to the levels it traded at before the conflict in Libya, Barbassa said. Crude averaged about $81 a barrel in the year through mid-February, when conflicts escalated in Libya, Bahrain and Yemen.