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Tuesday, February 19, 2008       Free Headline Alerts

Bank projects oil will hit $150 by year's end

ABU DHABI — The price of crude oil was expected to skyrocket to $150 per barrels over the next few months.

An analysis by Saxo Bank said the price of oil would continue to rise sharply in 2008. The analysis said inflation as well as growing demand would fuel the rise in global prices.

Saxo, the specialized investment bank headquartered in Denmark, said gold would hit $1,000 per ounce as the price of all precious commodities would rise. The analysis linked the movement of oil and gold.

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"The problem with oil is that you do have these perfect storms," a Saxo analyst told a presentation in Kuwait on Feb. 16.

"We have an optimistic outlook — that oil by the end of the year will hit $150. All the signs are there. Now it depends on how the economies will develop."

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