PTT president and CEO Pailin Chuchottaworn has warned that global oil prices will probably stay at the current levels of US$113 or higher per barrel in Dubai as the global economy starts to pick up. .

He said the QE3 package announced in Thursday in New York by the US Federal Reserve  and the German  constitutional court order airmed at helping ease the European Union's debt crisis are the major drivers.

Mr Pailin said oil prices may fluctuate more if the Libyan protests over a US-made film are prolonged.

Earlier, PTT projected a global oil price average this year of $110 per barrel.