Crude oil prices may surge to $130 this year, says fund chief

LONDON: Crude oil may reach a record $130 a barrel this year because pension funds are investing more in commodities, said Pierre Andurand, the chief investment officer of BlueGold Capital Management, a hedge fund.

The outlook for oil over the next five years is also

Oil companies such as ExxonMobil, Royal Dutch Shell and BP are finding it tougher to replace their findings and are drilling for harder-to-reach deposits while energy demand and crude prices surge to records.

With commodities prices surging to all-time highs, the California Public Employees