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Barrel Fever

How much will crude cost by the end of the summer? The experts weigh in.
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The price of oil has broken barrier after barrier in recent months, even as a recession threatens to slow sales. Just how supply and demand will tweak prices this summer is anyone’s guess. Below, some predictions from economists on the cost of a barrel of crude by September.

Peter Barker-Homek
C.E.O.
Abu Dhabi National Energy Co.
$120

"[This is due to] the softness of the dollar and the occasional interruptions…because of politics." 1

Jeff Rubin  
Chief economist and chief strategist
Canadian Imperial Bank of Commerce World Markets
$106

"The third quarter includes the peak driving season for the Northern Hemisphere."

Commodities Research Team
Barclays Capital
$97.70

"The recalibration of prices is continuing apace. We have yet to see the high price of 2008."

Adam Sieminski
Chief energy economist
Deutsche Bank
$85

"More production is coming in Saudi Arabia, and high prices are starting to hurt demand."

Phil Flynn
Vice president and energy analyst
Alaron Trading Corp.
$70 to $80

“We’re going to go to $110 a barrel, but this bubble’s going to pop midsummer.”

Source: 1Bloomberg News, March 2008.

 


 



 

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