oil price expected to reach 50 dollars per barrel

Analysts expected oil prices to continue their increase in the future to reach 50 dollars per barrel, despite the slight decrease in the price for the second running day from their record levels, after President of Venezuela Hugo Chaviz won the referendum over his presidential term of office and vowed to guarantee the stability of world oil market.

Experts in the field of oil said that the prices are expected to increase as far as the turmoil factors which contribute to that are still there like the situation in Iraq and the terrorist operations in Saudi Arabia.

The American crude oil barrel price decreased on Tuesday in September contracts to 45.97 and reached on Monday 46.90 before the announcement of the result of the referendum in Venezuela and its decline to 46.6.

Oil price also continued recession in the Asian markets. The price of one barrel decreased to 45.94 from 46.05 at closure on Monday.

Despite this decrease in oil price in Asia, however, the Asian governments are still suffering the consequences of standard increase of oil prices during the last weeks for the first time since the 1970s.

In Thailand, the government is preparing plan to collect fees from car drivers upon passing in the main streets of Bancock and is encouraging supermarkets and cinema houses to close early in order to save energy with the increase in fuel prices.

In Singapore, the executive director of the airlines there said that the company might increase fuel fees on travel tickets if increases continue in oil prices.