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Dr Chakib Khelil told the BBC that he expected a rise in rates to lead to a further weakening of the dollar which would push oil prices higher.

Dr Khelil blamed the fall in the value of the dollar for recent record highs.

He rejected calls to increase the supply of oil, saying a boost by Saudi Arabia had failed to temper prices.

"What happened was that instead of coming down, they increased, because the perception of the market is that the dollar will continue weakening in future," Dr Khelil told the BBC's World Business Report at the Petroleum Congress in Madrid.

The price of oil hit another record level last week, when US light, sweet crude traded at $143.67.

In late morning trading in London, Brent crude was up almost $1 at $141.58. The European Central Bank has hinted that it may increase its main interest rate from 4% in an effort to control accelerating consumer price inflation.

However, it has not made any firm commitment to lifting borrowing costs at its rate setting meeting on Thursday. A decision will be announced at 1245 BST.

Some analysts have predicted that the bank may lift interest rates by a quarter of a percentage point to 4.25%.

(BBC)

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