Will oil keep going higher? The oil minister of Saudi Arabia thinks so, even though OPEC does not appear ready to change its production targets in the near future.
According to Bloomberg, Saudi Arabian oil minister Ali al-Naimi believes that demand and not supply is what will drive oil higher, but he notes, "The problem is the market, that the demand is only in one place -- Asia and that's all."
Many leading economists see the U.S. and other large countries emerging from a recession as early as the end of the year. If that happens, OPEC does not need to do anything of significance for the price of crude to rise.