Oil prices may move higher to reach 100 USD earlier next year

According to Xinhua News, crude oil prices staged a strong rally earlier last month, testing 85 U.S. dollar per barrel, as dollar registered sharp losses after U.S. Federal Reserve's decision to pump 600 billion dollars into the system.
 
Last Friday, the prices easily shrugged off a bout of downbeat economic data and reclaimed a two-year high of 89.19 dollars per barrel as dollar suffered a drubbing.

Some analyst believed that the market forces, U.S. dollar weakness, mounting inflationary pressure along with continuous inflow of hot money into the crude oil market could see oil prices test the 90-dollar psychological mark for the first time in 2010 and break 100 dollars early next year.