Analysts see oil prices topping around $145/bbl
After rising an unprecedented $11 a barrel on Friday to reach a record high of $139.12/bbl, New York crude futures were seen to consolidate before rising again. However some analysts believe a cap on prices exists around the $145/bbl level
New York crude futures closed at $134.56/bbl on Tuesday.
David Newsom, an analyst at the US-based Data Transmission Network, casts off speculation that the market will rocket to the $200/bbl mark and believes the market is looking toppy. “Every time we reach a new high, talk of $150-200/bbl highs begin. I think we will go up to about $145/bbl, and that is where it could start to come under pressure.”
Last week the market experienced an explosive rally on Thursday and Friday, coinciding with news
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