Oil price outlook 2010

Oil prices – which have been rangebound between $65–75 per barrel for most of the second half of the year, averaging just under $61/bbl for 2009 – are forecast to average more than $15 higher next year on expectations of a steady recovery in the global economy, a weak US dollar and strong demand from Asia. Rachel Morison reports

In a survey of eleven analysts conducted by Energy Risk in November, the average 2010 oil price forecast is $78.35 a barrel for WTI and $75.90 for Brent, 25% higher than the average 2009 price.

At the time of going to press, the light, sweet crude contract traded on the New York Mercantile Exchange (commonly known as WTI) was trading at around $78/bbl. Prices were higher further out along the curve, with Brent at almost $100/bbl for the December 2017 futures contract on the