Oil prices worldwide could drop as far as $70 a barrel when the North African region and the Middle East see a calming of the political unrest that has disrupted oil production in Libya, the chief financial officer of Brazilian oil giant Petroleo Brasileiro SA told MarketWatch.
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.
Oil prices climbed 14% this week, the biggest weekly percentage gain since January 2009.
