Analysts forecast 2007 oil price at $58

Analysts’ consensus forecasts for 2007 are for average oil prices to fall to $58, down over $13 from the price on Thursday.

A Reuters poll of 33 analysts puts the forecast for benchmark U.S. light crude futures for 2007 at an average of $58. The front-month contract was trading at $71.14 on Thursday.

But analysts continue to hike their forecasts for 2006 after both U.S. and London Brent crude smashed record highs last week.