Erste Sees Oil Price Peaking At $150/Barrel

News » March, 2011 » 10 March 2011

10.03.2011, 16:42 | Energy | 858 views

The price of crude oil is not yet fully representative of the Middle East turmoil, so it will keep rising to some $150 per barrel, before falling down in the seond half, according to Erste group analysts.

Thus, the average Brent oil price in 2011 should be around $124 per barrel, Erste said Thursday in a report.

"The greatest factor of insecurity is the political developments in a number of Arab states. At present, this is by no means fully priced in yet. I do not expect the situation to calm any time soon," said Ronald Stoferle, commodities analyst at Erste Group.

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