Analyst: Oil prices will keep rising for a while

[0:04] ..." for even higher energy prices after oil futures hit a new record. Light crude for delivery in August rose to a 140 dollars a barrel after the president of OPEC talked about rising oil prices. As oil risk analyst Peter do you tell. If that OPEC forecast was the big reason for today's price rise."...

[0:39] ..." were waiting in the year. That Europe's central bank will raise its interest rates next week. Normally this might not be a big factor -- one -- would ordinarily associated with the oil. But at this point anything that makes Europe's. Bank rates higher than in the United States either when we lower rates where they raise rates. That puts pressure on the US dollar as people sell dollars to buy"...

[1:27] ..." of fear that your report raised rates the dollar will drop. And oil prices will move higher they wanted to get in in front of that and they did and they bought and took his to"...

[1:49] ..." ever recession. Or -- we were deceived the Fed raise interest rates aggressively if we receive the Fed and the European Central Bank -- warden made policy. So that the Fed raised rates in"...

[2:57] ..." Looking back on this recent spike in oil prices. If you going to choose the number one factor in causing this wouldn't be speculation or something else in the marketplace."...

[0:00]" This is Anthony -- in the WBZ newsroom brace yourself for even higher energy prices after oil futures hit a new record. Light crude for delivery in August rose to a 140 dollars a barrel after the president of OPEC talked about rising oil prices. As oil risk analyst Peter do you tell. If that OPEC forecast was the big reason for today's price rise."

[0:24]" Well yes it was the fact that OPEC president spoke in terms of this market going to 15170 was certainly. The smoking gun that got -- moving. But in the background a lot of potential investors were waiting in the year. That Europe's central bank will raise its interest rates next week. Normally this might not be a big factor -- one -- would ordinarily associated with the oil. But at this point anything that makes Europe's. Bank rates higher than in the United States either when we lower rates where they raise rates. That puts pressure on the US dollar as people sell dollars to buy euros to deposit money there. And that intern a weak dollar. Puts upward pressure on commodity prices starting with the oil. And so that's really the story here today is that OPEC's president again it was the hot button reasons to buy. But the real reason people were buying is because of fear that your report raised rates the dollar will drop. And oil prices will move higher they wanted to get in in front of that and they did and they bought and took his to a new -- 140 dollars a barrel today."

[1:48]" Well have we -- ever recession. Or -- we were deceived the Fed raise interest rates aggressively if we receive the Fed and the European Central Bank -- warden made policy. So that the Fed raised rates in Europe lowered rates. That would put a lot of pressure upwards on the dollar. And that would probably do more than any single factor at this time to push energy prices well."

[2:57]" Looking back on this recent spike in oil prices. If you going to choose the number one factor in causing this wouldn't be speculation or something else in the marketplace."