The price of a barrel of crude oil may rise to $120 within six months, says the CEO of Abu Dhabi National Energy Co.

According to a report by Bloomberg, Peter Barker-Homek, the head of the UAE state company, said today in an interview in Dubai: “I think a trading range between $80 and $120 a barrel this year is about right. But with the softness of the dollar, and the occasional interruptions that you have because of politics, I think we could see $120 oil.”

Crude oil futures for April delivery was up by 70 cents in early electronic trading on the New York Mercantile Exchange and up 28 cents at $102.73 a barrel at 2:06 p.m. London time.

Meanwhile, the dollar was battered to yet another record low versus the euro — $1.5217 per euro — on widespread anticipation of further rate cuts by the Fed.

“I still expect crude to decline this year,” says Eric Roseman.

“Oil long overbought and in the wake of a U.S., and now a Japanese slowdown, is bound to come down to the$70 or $65 level over the next six months, if not sooner.”