Oil prices to average $85 a barrel to 2012, Morgan Stanley says
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Oil prices are likely to average $85 a barrel up to 2012 rather than the previously-estimated $65 a barrel, the investment bank Morgan Stanley has said.
The price for West Texas Intermediate crude could hit $110 next year and rise even further in following years, Morgan Stanley said. It forecast an average price of $80 a barrel next year.
Morgan Stanley also raised its price forecast for of oil and gas companies, including Tullow Oil and Dana Petroleum.
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It said the energy sector looked materially undervalued and that the medium term outlook was bullish.
Speaking about the outlook for oil prices, Morgan Stanley's Neil Perry said: "There has been a sea change in energy markets. We think high prices are here to stay."
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