Oil price to increase on demand in 2007

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Merrill Lynch raised its 2007 oil price forecast 38 percent Wednesday because of higher-than- expected demand and limits in refineries’ ability to produce gasoline.

Merrill analysts, led by Francisco Blanch, raised their 2007 estimate for West Texas Intermediate, the U.S. benchmark for crude oil, to $65 a barrel. Prices will average $67.50 this year, 13 percent higher than previously forecast, the analysts said.
International Herald Tribune