Credit Suisse: Oil range-bound for next three years
Crude oil prices will stay range-bound over the next three years, due to substantial Organization of Petroleum Exporting Countries (OPEC) spare capacity, growing global demand and significant financial flows, says Credit Suisse’s head of global commodities research
Edward Morse, head of global commodities research at Credit Suisse, speaking at Energy Risk’s 14th annual conference in Houston this week, said he believes oil will "stay range-bound between $65 and $90 per barrel (bbl) over the next few years. It should be between $75 and $80/bbl for 2010. Fundamentals all point to a range-bound fashion this year, next year and the year after."
The light sweet crude oil contract on the New York Mercantile Exchange averaged $99.5/bbl in 2008, $61.96/bbl in
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