The trend of rising oil prices will soon come crashing down, says a noted economist.
Peter Hall of Export Development Canada was in Edmonton yesterday to speak on exports and worldwide economies. He expects the price of oil will see a drop as international economic growth continues to slow.
“By the end of the year, we’re thinking that oil prices could conceivably be $70 a barrel,” said Hall. “If you (follow) the global situation to its logical conclusion, that’s what we figure would happen.”
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Hall also said he was positive the Canadian dollar would end up in the 80-cent-US range with the bottoming-out of the US dollar and a retreat in commodity prices — oil included — causing the Canadian dollar to drop.
“We believe by the end of this year we’ll be looking at an 89-cent (Canadian) dollar,” he said. “That’s not a scenario we’re running, that’s what we’re saying it will be.”