24.04.2012 - Ernst & Young forecasts $120 per barrel oil by summer
Global oil supply may be outpacing demand, but Ernst & Young is projecting oil prices will remain high through June. Increased U.S. oil production from shale is keeping pressure on OPEC members to limit crude output. Even if it threw open the spigot, OPEC has little spare capacity. Add in the potential for supply interruptions from Iran and smaller sources. The result, Ernst & Young says in its second quarter outlook, is oil prices in the range of a $120 per barrel...............................................Full Article: Source
Print