Oil prices expected to slip 8 percent next year: report

SEOUL, Oct. 25 (Yonhap) -- International crude oil prices are expected to fall up to 8 percent in 2012 from this year's levels as demand for oil products decline in line with the global economic slump, a report showed Tuesday.

The price of Dubai crude, South Korea's benchmark, would trade at a range from $70 to $80 per barrel next year, according to the report compiled by the Korea National Oil Corp. (KNOC).

Dubai crude is used as a yardstick in South Korea because the country imports about 85 percent of all its oil from the Middle East.

During the remainder of the year, oil prices will trade at around $100 per barrel unless situations in the European region further worsen, it said.

International crude oil prices have averaged $106 per barrel through mid-October this year, up $27, or 36 percent, from last year's levels.

"Declining demand for oil, increased supply by non-OPEC countries will help stabilize international oil prices, but flows of speculative money into the oil market will be limited, dragging down overall prices," it said.