Brent crude likely to trade above $100 per barrel in 2013

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Brent Crude is likely to trade above USD 100 per barrel for a third straight year in 2013 amid deepening tensions in the Middle East, raising supply concerns over the fuel.

Morover, an economic rebound in China, the second largest global crude oil consuming nation may also push up oil demand in 2013.

Oil is likely to average USD 110 per barrel in 2013, analysts from news agency Bloomberg estimated on Thursday.

Brent has averaged nearly USD 111.70 per barrel in 2012 so far.

Tensions in the Middle East have deepened as Iran and the West spat over the Islamic nation's controversial nuclear program, while the Syria conflict worsens, threatening to disrupt global crude oil supplies .

Analysts also reckon that an improvement in the global economy amid a pickup in US economic growth, robust economic growth in Asia, and an expected rebound in Europe's economy in the latter half of next year may drive up global oil demand, putting upward pressure on prices.

Story first published: Thursday, December 27, 2012, 13:30 [IST]
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