Stage set for oil price hike

Global oil prices could easily rally to record levels above $US80 ($NZ110) a barrel in coming months, analysts have forecast, due to Middle East tensions, red hot Chinese growth and a reluctant OPEC.

But record high prices will not have the same impact on oil demand as in the past few years since consumers have grown accustomed to it.

London Brent crude, currently seen as more representative of the global oil market, briefly rose on Thursday to a nine-month high of $US71.42 a barrel.

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