22 March 2010 05:00 [Source: ICIS news]
PHOENIX (ICIS news)--With trading volumes of crude oil at historically high levels, crude oil is more than just a physical product, National Petrochemical and Refiners Association (NPRA) chairman William Klesse said on Sunday.
“It is certainly a financial product,” Klesse said.
Speaking during a press conference at the 108th annual meeting of the NPRA, Klesse said crude oil priced at $80/bbl (€59/bbl) is not because of supply issues.
“Today there is ample crude in the world and why crude is $80/bbl is not based on the physical markets,” Klesse said.
($1 = €0.74)
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