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Crude Oil could touch $100 a barrel soon: Mukesh

Reliance Industries Chairman Mukesh Ambani on Friday said crude prices could rise to $100 a barrel (Rs 4,520) soon.

business Updated: May 14, 2010 22:03 IST

Reliance Industries Chairman Mukesh Ambani on Friday said crude prices could rise to $100 a barrel (Rs 4,520) soon.

“Crude oil prices are well above the $70 (Rs 3,164) mark. We foresee an increase in crude price to three digits in the near future,” Reliance Industries Chairman Mukesh Ambani said at an industry conference in Mumbai on Friday.

He said a sluggish growth in refining capacity would drive the price increase.

“I believe the petrochemical industry should reinvest and we have to reset our thinking and must innovate to tackle these issues,” he said.

According to him, India was poised to become the world's strongest economy by 2020.

“I believe by 2020 the balance-sheet of India would be the strongest in the world,” Ambani said, adding “The European sovereign debt crisis again shows that Asia has the potential to become more powerful.”