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Written by Bob Burton
The increase in crude oil prices witnessed this year is likely to continue through 2010, according to the market's most accurate forecasters in 2009.
Mike Wittner, an analyst at Societe Generale, and Hannes Loacker, of Raiffeisen Zentralbank Oesterreich, both made predictions within nine per cent of actual market levels this year.
Speaking to Bloomberg, the duo said crude oil prices are likely to rise further in 2010, hitting $88 a barrel by the end of the year. This above the median market forecast on Wall Street of $83 a barrel, the news agency said.
"With global demand growing and OPEC [The Organisation of Petroleum Exporting Countries] holding production flat, stockpiles are going to come down and that's bullish for prices," said Mr Wittner.
Such trends are also likely to have an inflationary effect on heating oil prices, alongside other crude products such as petrol, propane and lubricants.
Both crude and heating oil prices made gains this morning (December 21st), extending last week's rally.
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