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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