"The next half-year will see no slowdown in the rate at which oil prices are rising," said Professor Yevgeny Gavrilenko of the Russian School of Economics. "The prices will stop climbing at such a pace only when leading money printers toughen their monetary policies."
The U.S. Federal Reserve is contemplating raising its benchmark interest rate - currently at 4.75% - to 5% in May and 5.25% at year's end.
The Bank of Japan and the European Central Bank have hinted they may also raise their borrowing costs to 0.5% and 3%, respectively, from today's 0.15% and 2.5%.
World oil prices have risen 13% since January 1. On Tuesday, they reached almost $70 per barrel on market concerns over unsteady supplies from Nigeria, Iran and Iraq and growing demand in the United States and China. London Brent crude traded at a new all-time high of $69.70 and U.S. WTI, at $69.45.
