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Oil prices ‘to stay strong’ over next 12 months

Oil prices ‘to stay strong’ over next 12 months
OIL prices are likely to remain strong during 2011, according to an Aberdeen-based energy expert.

OIL prices are likely to remain strong during 2011, according to an Aberdeen-based energy expert.

Andrew Reid, managing director of energy consultancy Douglas-Westwood, said: “While 2010 witnessed slowing economies in the US and Europe, strong demand growth in non-OECD (Organisation for Economic Co-operation and Development) countries has been maintained.

“The US still remains a key demand centre and despite high unemployment, North American drivers are starting to travel more and are out buying sports utility vehicles again. China oil demand has also begun to increase and collectively these two markets will buoy demand and thus support strong oil prices in 2011.”

Oil prices fell sharply yesterday, however, as investors focused on booking year-end profits after the recent jump above $91 a barrel.

US crude oil for February delivery fell $1.28 to settle at $89.84 a barrel. In London, ICE Brent crude for February fell $1.05 to $93.09 a barrel.

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