By Ryu Jin Staff Reporter Dubai crude, a benchmark for Asian refiners, will likely be traded at an average price of $77.50 (roughly 72,811 won) per barrel next year, though the price could sporadically surge beyond the $100 mark, according to the country’s state-run oil firm Monday. In a report on the outlook for 2008 oil prices, the Korea National Oil Corporation (KNOC) predicted that the price of Dubai crude would move between $70 and $85 in the first half of next year and between $70 and $80 in the latter half. ``Given various factors affecting oil prices including the weakening U.S. dollar and geopolitical instability, such as the nuclear problem in Iran as well as the stiff supply of oil, the average price of Dubai crude next year would be at around $77.50,’’ the state unit said. ``If the imbalance between demand and supply deteriorates, the price can reach $100 temporarily,’’ it added in the report. ``In that case, the average price of oil could soar up to $95.’’ KNOC forecast that structural problems that have haunted the international crude market since 2004 such as the increase in production costs and the high price policy of the Organization of Petroleum Exporting Countries (OPEC) would not be solved easily. Beside, it added, demand for the fossil fuel would continue to increase next year led by the rapid economic development of China and the Middle East, which are expected to see growth rates of 10 percent and 5.9 percent, respectively. But the oil company said that there are also some factors that could restrict price hikes such as OPEC increasing oil production, and a U.S. economic slump slowing its demand. jinryu@koreatimes.co.kr