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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