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Oil Analysts Raise 2007 Forecasts on Greater Demand |
| Home | Oct. 3 (Bloomberg) -- Oil analysts are raising their price estimates for next year in anticipation of increased demand that may outpace the development of new deposits. Crude oil will average $64 a barrel in New York in 2007, according to the median forecast of 29 analysts surveyed by Bloomberg News last week. That's $2 higher than estimated at the end of the second quarter. Most analysts failed to predict the extent of oil's five-year rally during which prices tripled. ``We see a very tight market continuing into next year,'' said Kevin Norrish, a director of commodities research for Barclays Capital in London. Barclays expects oil next year to average $76.70 a barrel, the highest forecast in the survey. |