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Oil in 2013: New era for global markets as U.S. marches toward energy independence

Posted on 14 December 2012

After a decade of tight energy markets and rising commodity prices, the global economy is entering a new era marked by rising oil production at high prices. Yet, the prospects of U.S. energy independence, on the back of the “shale revolution,” a move toward cleaner energy, and slowing growth across the emerging world suggest longer-term oil prices should trend downwards.
Going into 2013, crude oil will remain range-bound, with the potential to fall on sub-par global GDP growth and the prospects of positive supply shocks. Goldman Sachs sees Brent averaging $110 next year while Raymond James’ chief economist suggests U.S.-benchmark WTI could fall as low as the mid-$60s………………………………………..Full Article: Source

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