Oil price may hit $100

Iran minister: Crude oil may hit $100

"Iran's deputy oil minister, M. H. Nejad Hosseinian, on Tuesday said crude oil prices are likely to hit US$100 a barrel this coming winter as demand outpaces supply."

"By winter, it is very much possible," Hosseinian said, when asked by reporters if global crude prices would peak at around US$100 barrel.

"Oil supply in the short term cannot be increased," he told reporters in New Delhi, according to Dow Jones newswires.