Oil’s Most Accurate See Second-Highest Price in 2011

Oil demand increasing at almost twice the pace of supply is spurring the most-accurate forecasters to predict the second-highest price on record in 2011.

Sanford C. Bernstein & Co., whose estimate last January was within 1 percent of 2010’s mean price of $79.60 a barrel, says crude will average $90 this year. Natixis Bleichroeder Inc., which tied with Bernstein, sees $100 a barrel, 26 percent higher than in 2010. Global oil use will increase 1.7 percent to a record 87.8 million barrels a day this year, and output will rise 0.9 percent, according to the U.S. Energy Department.