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Crude oil outlook in 2011 – EIA report

 The EIA has published its 2011 crude oil outlook, including an oil price outlook. According to the report, expects oil price (WTI spot) in 2011, on average, to be 93 USD/b, which is 14$/b higher than the average price in 2010, or an over 17% increase.

Since oil price finished 2010 at roughly 91$/b, which similar to the current price level, this implies that EIA doesn’t except much volatility from WTI spot price, nor a major price hike.

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