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Oil prices buoyant amid talk of $ 100
Siffy Finance
01 April , 2005,

London: World oil prices rose strongly today in the wake of a banking study that forecast crude could eventually trade at more than 100 dollars per barrel, fuelled by robust world demand for energy.

New York's main contract, light sweet crude for delivery in May, rose 35 cents to 55.75 dollars per barrel in electronic deals after closing up 1.41 dollars yesterday.

In London, the price of Brent North Sea crude oil for delivery in May advanced 71 cents to 55 dollars after soaring 2.20 dollars to close at 54.29 dollars the previous day.

Prices began soaring Thursday after the investment bank Goldman Sachs warned of a possible "super-spike" in oil prices above 100 dollars.

"We believe oil prices have entered the early stages of a super-spike period," said analyst Arjun Murti, who raised his price range to 50-105 dollars a barrel from 50-80 dollars.

The higher price range was foreseen to last several years because of "strength in oil demand and economic growth, especially in the United States and China", Murti said.

Crude oil had reached a record high point of 57.60 dollars per barrel in New York trading last month on worries about tight supplies.

World oil prices have now more than doubled since early 2002.

Adjusted for inflation, however, they remain far below levels reached in the wake of the 1979 Iranian revolution when prices surged to upwards of 80 dollars a barrel in today's money.