Wednesday, May 07, 2008

Oil to reach $200 a barrel

Analyst Arjun Murti on writes, crude oil prices could surge to $200 a barrel in the next two years, according to the Goldman Sachs analyst who three years ago correctly predicted a price “super-spike” above $100 a barrel.

The warning by Arjun Murti came as oil prices hit a fresh high above $122 a barrel, boosted by supply disruptions in Nigeria, lower output in Russia and continued robust demand in China ahead of the Olympics.

Mr Murti said the energy crisis could be coming to a head as a lack of adequate supply growth was becoming apparent.

He said: “The possibility of $150-$200 per barrel seems increasingly likely over the next six to 24 months.”


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