Erste Sees Oil Price Peaking At $150/Barrel

The price of crude oil is not yet fully representative of the Middle East turmoil, so it will keep rising to some $150 per barrel, before falling down in the seond half, according to Erste group analysts.

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Thus, the average Brent oil price in 2011 should be around $124 per barrel, Erste said Thursday in a report.

"The greatest factor of insecurity is the political developments in a number of Arab states. At present, this is by no means fully priced in yet. I do not expect the situation to calm any time soon," said Ronald Stoferle, commodities analyst at Erste Group.

Furthermore, if Libya or Algeria halts production, Saudi Arabia stock will be depleted.

On Thursday, Brent oil traded at some $115/bbl in London.

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