The Market Traders

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OPEC

Oil Hits 32-Month High As Unrest Persists in the Middle East

Tue, 04/12/2011 - 5:27pm -- editor

By Casey Research

With the civil war in Libya now entering its third week, Egypt moving haltingly towards free elections, and hundreds dead in Syria, Yemen and Bahrain after a month of anti-government protests in each country, the Middle East is rife with instability. On Wednesday, April 6, that instability pushed the spot price of Brent oil above US$123 per barrel, a high not seen since August 2008 when prices were crashing from an all-time peak of US $147.50 on the eve of the financial crisis.

Speculation Could Drive 2011 Oil Prices Over $100

Alice's picture
Mon, 01/03/2011 - 10:17am -- Alice
Topics: 
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Jason Schenker, president of Prestige Economics LLC: "We see an average for this year likely to be around $93 a barrel. Brent's going to be a little bit higher than that, closer to $94 a barrel, but in terms of how high we could get at any point in this year: we're very likely to see prices at over $100 at some point and if speculators pile on into this market and other markets, I'm certain you could see even our forecast seem a little bit low."

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