Societe Generale Raises 2011 Brent Oil Forecast 9.4%
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Societe Generale SA, France’s second-biggest bank, raised its forecast for Brent crude oil prices in 2011 by 9.4 percent because of rising demand for fuel from emerging markets such as China.
Brent crude will average $93.10 a barrel next year, up from the previous forecast of $85, according to a report e-mailed report by the commodities research team led by Paris-based Frederic Lasserre. The bank also increased its estimate for oil demand growth in 2011 to 1.6 million barrels a day from 1.4 million. Prices will also climb as the U.S. Federal Reserve’s second round of purchases of U.S. treasuries, known as quantitative easing, pushes the dollar lower.