Crude oil prices are likely to rise to an average $86 a barrel next year and $100 in 2012 as demand increases, CIBC World Markets commodities strategist Katherine Spector said.
Oil will average $80 a barrel this year on the New York Mercantile Exchange, Spector said. Futures have traded in a $25.52 a barrel range in 2010, between $64.24 and $89.76.
“We see oil trading in a wider range over the next two years, rising moderately in 2011 to an $86 average, and increasing more significantly in 2012 to $100,” Spector said in the report.
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