Petrobras CFO: Oil surge may lose steam

International oil prices could drop as far as $70 a barrel when the North African region and the Middle East see a calming of the civil unrest that has disrupted oil production in Libya, the chief financial officer of Brazilian oil giant Petroleo Brasileiro SA said Friday.

The front-month crude contract earlier this week breached the $100-a-barrel mark for the first time since late 2008 as oil output from Libya dropped amid violent anti-government protests and as investors worried about possible supply disruptions in other North African nations and the Middle East.

“I don’t see the case that is happening in North Africa as an extended situation,” said Petrobras’s Almir Barbassa in a telephone interview with MarketWatch following the release of the company’s report of a nearly 40% rise in fourth-quarter profit.

Read Full Article from MarketWatch

- Posted: 2011-02-25 22:09:13

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