Time For Oil Forecasters To Up Their Estimates

Bloomberg tracks the price forecasts of oil analysts, and below we highlight the median estimates for the commodity for the next six quarters.

Analysts have not made changes in their recommendations since the beginning of October, and the price of oil has run up $8 since then, so we may see some increases in estimates soon.

As of now, however, the consensus is looking for a year end price of $70, and a further decline of about $10 to $60 by the first quarter of 2009. Everyone except long oil and oil stock traders sure hopes so.

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