News : Business : $100 crude oil next year, bank forecasts

$100 crude oil next year, bank forecasts

Wednesday, 18-Jul-2007 04:40PM EDT
Story from United Press International. Copyright 2007 by United Press International (via ClariNet)

TORONTO, July 18 (UPI) -- Crude-oil prices will hit $80 a barrel by year's end and may reach $100 a barrel next year, a Canadian investment bank report said Wednesday.

"Soaring oil demand" will outpace global supply growth, the CIBC World Markets report said.

Oil closed above $75 a barrel Wednesday for the first time in almost 11 months.

The trend points to triple-digit prices, which "may be permanent as major oil-producing countries in the developing world reduce exports to meet soaring demand at home," said the report by the wholesale and corporate banking arm of the Canadian Imperial Bank of Commerce.

Declining oil production will cut crude oil exports by as much as 2.5 million barrels a day by the end of the decade, the report forecast.

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