Oil price outlook
Oil prices are expected to remain well supported into next year, according to an Energy Risk survey of analysts, which would provide a good opportunity for consumers to begin to hedge their forward oil exposure but make producer hedging look less attractive. By Jay Maroo
Despite the sluggish global economy, oil prices have been well supported this year, with Brent crude trading on average almost $30 a barrel (/bbl) above last year's prices, and expected to remain close to this level next year, according to an Energy Risk survey of analysts.
Taking the average of the analysts' forecasts, Brent crude is expected to average $110.51/bbl this year, falling marginally to $109.85/bbl in 2012, with West Texas Intermediate (WTI) rising from $94.05/bbl this year to $97.70
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