Barclays bullish on oil

Commodity markets in general are "pausing, not peaking" according to Barclays Capital director of commodity research, Kevin Norrish. Barclays Capital is forecasting a price of $71.90 per barrel for West Texas Intermediate crude by the end of the fourth quarter and envisages this rising to $76.60/bbl for 2007. Its 2015 forecast, meanwhile, is $93/bbl.

While the recent drop in prices from an all-time high of $78.40/bbl in July to around $60.98 Monday led the Organization of Petroleum Exporting

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