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Wall Street Hails a New Era of Oil Prices: Higher for Longer

  • Oil industry seen requiring investment to meet supply needs
  • Banks have been steadily increasing their oil price forecasts
Gas Drilling & Wells at Gazprom PJSC's Chayandinskoye Field
Photographer: Andrey Rudakov/Bloomberg

Could the era of cheap oil supply be gone for good?

That’s the conclusion of some of the biggest commodities desks on Wall Street, where banks have been lifting their long-term price forecasts, often by $10 or more.