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Expectations of a gradual increase in demand and a weaker US dollar mean oil prices will average around $65 (€44.17) a barrel next year, according to the latest outlook.
Deutsche Bank analysts opted to increase their 2010 forecast by $10 a barrel, citing an upturn in global energy consumption as the main reason behind the decision.
According to Dow Jones Newswires, chief energy analyst Adam Sieminski said the market is still likely to come under pressure from high inventories and excess spare capacity.
However, he claimed that continuing Opec discipline and a tightening of supply and demand should be enough to see prices average around $65 during the course of the year.
Despite the upward revision, the new forecast may still provide some comfort for home heating oil customers, as it remains somewhat lower than many other recent outlooks.
Last month, US investment bank Goldman Sachs predicted that oil prices could rise as high as $85 a barrel by the end of this year, before averaging around $90 in 2010.
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