Chinese Demand, Saudi Control Will Dictate Oil Price, WSJ Says

By Chris Peterson

Oct. 2 (Bloomberg) -- Continuing Chinese demand and the ability of Saudi Arabia to control output will be instrumental in keeping the price of oil resilient, despite the uncertainty caused by U.S. congressional wrangling over the financial rescue package, the Wall Street Journal reported, citing analysts.

Although some analysts had been predicting that the credit market turmoil and recession fears would precipitate a fall in prices because of a drop in demand, prices have hovered around the $100 mark; key to this is Chinese demand and Saudi control, the Journal reported.