Barclays bullish on oil
Crude oil's recent slide is set to reverse with prices returning to over $70 by the end of the year, Barclays Capital says in its latest commodity research.
Commodity markets in general are "pausing, not peaking" according to Barclays Capital director of commodity research, Kevin Norrish. Barclays Capital is forecasting a price of $71.90 per barrel for West Texas Intermediate crude by the end of the fourth quarter and envisages this rising to $76.60/bbl for 2007. Its 2015 forecast, meanwhile, is $93/bbl.
While the recent drop in prices from an all-time high of $78.40/bbl in July to around $60.98 Monday led the Organization of Petroleum Exporting
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