28.03.2013 - Predicting brent crude oil: The special, magnetic $111 mark
The oil market has become somewhat stuck in terms of the dynamics of both prices and quantities. Indeed, had an analyst stated on the last day of 2010 that, until further notice, their predictions were that Brent crude oil would average $111 per barrel, that global demand would grow by 1% and that at the global level non-OPEC supply would struggle to grow, then that analyst would still be happy with their predictions today. Since the start of 2011, there has been a long parade of $111 prices and 1% demand growth rates. Rounded to the nearest dollar, Brent averaged $111 per barrel in 2011, $112 per barrel in 2012 and, thus far in 2013, it has averaged $113 per barrel...............................................Full Article: Source
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