Dow Jones cited Mr Chakib Khelil energy & mine minister of Algeria as saying that crude oil prices will remain supported by the belief prevailing in financial markets that economic recovery is well underway.
Mr Khelil said that this belief will support the upward pressure on oil prices.
Some analysts have speculated that oil prices may collapse toward the end of the year due to burgeoning stockpiles of fuel such as heating oil and diesel especially in the US Oil futures jumped from lows around USD 33 per barrel in February to the USD 65 to USD 75 range where they've traded for several months.
Mr Kheli said that the likelihood of a collapse in oil prices is probably not very high. Many ministers from member countries of the Organization of Petroleum Exporting Countries have expressed satisfaction with current oil prices and OPEC moved to hold output steady at its last meeting in September. If the global economy does start to pick up pace in the next few months or in early 2010 then fuel stocks could go down much faster than we think.
He said that a rapid depletion of gas oil stocks could be a very important signal that demand for oil is picking up. Like heating oil and diesel, gas oil is in a fuel category known as distillates and is traded widely in Europe.
