CIBC World Markets Predicts $100 Per Barrel Oil Within Years

TORONTO – CIBC World Markets has raised its forecast for oil prices (West Texas Intermediate) for next year to $84 a barrel from $65 a barrel.

In a news release, CIBC World Markets said it expects to see $100 a barrel of oil “sooner rather than later.” A study released on Thursday predicts that oil prices will average $93 a barrel in 2007, with prices expected to reach or exceed $100 a barrel by the fourth quarter of that year