Oil prices above $110/bbl are unsustainable and should lead to rapid corrections lower as demand falls away, says Credit Agricole.
Oil prices above $110/bbl are unsustainable and should lead to rapid
corrections lower as demand falls away, says Credit Agricole. "While
supply disruptions could push up prices in the short term it is difficult to
ignore the impact of current oil prices on oil demand and economic
activity," it says, adding that the market is likely to see a "very
significant correction at the end of 2011." ICE June Brent +$3.55, or
3.3%, at $112.68/bbl. Nymex June light, sweet crude +3.12, or 3.2%, at
$100.30/bbl.
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