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Brent to average at $121 next year: Commerzbank
- Middle East: Sunday, December 16 - 2012 at 01:23
German global banking and financial services firm has said oil prices are set to rise next year, initially driven by risks to supply and then by improving demand, Reuters has reported. Commerzbank kept its 2013 average Brent price forecast at $121 per barrel, and forecast a 2014 average of $120. "We believe that the market is too optimistic for the supply prospects and too pessimistic for the demand prospects," the bank said in a note to clients. "The market is thus likely to tighten over the course of the year."
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