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Commodities Briefing - Categorized | Market Moves, Oil, Price Watch more

Vitol says oil will be steady for the year

Posted on 01 March 2013

Vitol, the world’s largest oil trader, is forecasting another year of elevated energy costs, saying that oil prices are unlikely to fall from their current level of more than $110 a barrel. The global benchmark Brent crude averaged a record $111.50 a barrel in 2012, providing the Opec cartel of producers with more than $1tn in revenues.
The oil market has since started this year even more strongly with Brent futures trading above $119 in early February as sentiment towards the global economy improved………………………………………..Full Article: Source


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