Crude Advances to 27-Month High on Bets Economic Recovery May Boost DemandCrude oil rose to a 27-month high on speculation the U.S. will sustain an economic recovery this year, bolstering fuel demand in the world’s biggest oil- consuming country. - Jan. 3 (Bloomberg) – Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant, talks about the prospects for the oil market in 2011. He speaks with Deirdre Bolton on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
“Oil looks like one of the best investments of 2011,” said Carl Larry, president of Oil Outlooks & Opinions LLC in
Crude oil for February delivery increased 17 cents to $91.55 a barrel on the New York Mercantile Exchange, the highest settlement price since Oct. 3, 2008. Futures climbed 15 percent in 2010.
“Optimism is the key word for the new year,” said Tim Evans, an energy analyst at Citi Futures Perspective in
Blackstone Group LP’s Byron Wien, who called the bottom for
Oil prices will average $93 a barrel this year and are “very likely” to climb above $100, Jason Schenker, president of Prestige Economics in
“Unfortunately, given where implied volatility is trading in the options market, the odds are pretty good that we’re going to see $100 oil at some point this year,” Schork, president of the Schork Group Inc. in Villanova, Pennsylvania, said in an interview on “Surveillance Midday” with Tom Keene.
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