DAVOS, Jan 26, 2011 – The price of crude oil rising to $100 a barrel would be a mistake, the head of French oil giant Total, Christophe de Margerie, said Wednesday on the sidelines of the World Economic Forum in Davos.
"Going beyond 100 today would be a mistake. It\’s too high too quickly," he told journalists, after an energy forum at the Swiss alpine resort.
After flirting with $100 a barrel earlier this year, oil prices pulled back last week
Crude oil prices were up in Asian trade Wednesday, snapping a six-session losing streak in New York as traders looked for bargains after a recent sell-off.
New York\’s main contract, light sweet crude for March delivery, was up 22 cents to 86.41 dollars per barrel.
Brent North Sea crude for delivery in March gained 40 cents to 95.65 dollars.