- Consumer Mood Improves, But Anxiety Over Finances
- Jobless Claims Below 500,000, Durable Orders Slip
- AIG Board OKs CEO Pay; Benmosche Agrees to Stay
- Garlic Price Rises Surpass Gold, Stocks in China
- Judge Erases Couple's $525,000 Mortgage Payment
- Obama Going to Copenhagen Climate Summit
- Half of Banks' Losses May Still Be Hidden: IMF Head
- Seeking Deals, Holiday Fliers Get Early Start
- Americans Ditch Planes for Trains this Thanksgiving
- Topless Business Is Taking Off
- 3 Software Stock Picks from Lazard's Senior Analyst
- Schork Oil Outlook: Gas Bulls Pinning Hopes on Mother Nature
- Toyota Makes Recall Fix And So Long Saab
- Investors Bet on a New Year's Rally For eBay
- Why You Should Play the Reflation Trade: Stock Picker
- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Ritz-Carlton ?Struggling? in the US: President
- Garlic Price Rises Surpass Gold, Stocks in China
- Obama Reiterates Commitment to Boost US-India Ties
- Oil Price to Average $75.40 in 2010: Poll
- Half of Banks' Losses May Still Be Hidden: IMF Head
- Americans Ditch Planes for Trains this Thanksgiving
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Jobless Claims Below 500,000, Durable Orders Slip
Text Size 
 |
Analysts raised their average 2008 oil price forecast for U.S. crude to $67 a barrel as many believe the current rally will continue well into next year. The forecast surpasses the record average of $66.24, reached in 2006.
"Behind the market tightening, we see global oil demand accelerating in the second half of this year and maintaining strong momentum through early 2008," said independent analyst Geoff Pyne of Enerpyltd.com.
Falling U.S. crude stocks, concern about storm damage to Gulf of Mexico oil installations,
a half-point cut in key U.S. interest rates and a weak dollar have pushed oil to a record
$83.90 a barrel this month.
Analysts forecast oil prices to finish strong this year with U.S. crude averaging $69.82
in the fourth quarter. The average 2007 oil price is estimated at $66.07, slightly lower than
last year due to the market's brief dip below $50 in January.
"For the balance of this year, we do not see much downside given current OPEC production
trends," said Harry Tchilinguirian, senior oil analyst at BNP Paribas.
"And the usual geopolitical suspects -- Iran, Iraq, Nigeria, Venezuela -- will feature again prominently next year," he added.
The Organization of the Petroleum Exporting Countries pledged this month to raise oil output by 500,000 barrels per day from Nov. 1, but the move did little to soothe consumer
concerns that supplies may run thin this winter.
Analysts' 2008 forecasts for U.S. crude showed a wide divergence of $27. Goldman Sachs,
the most bullish in the poll, predicted WTI crude to average $85 next year with prices
climbing as high as $95 by the end of 2008.
Analysts believe prices will peak in 2008 with average U.S. crude prices declining to $62.74 the following year and $59.41 in 2010.
Print
Email
- Here's how key provisions of the health care reform bill would impact your insurance and how you'll pay for it.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- Remember when auto shows were major events where new models could generate buzz?
- After nine years the NBA’s minor league equivalent is finally coming into its own.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes