Oil to Cost $110 by 2015 on Global Rebound, U.S. Says

(Bloomberg) — Oil prices will return to $110 a barrel by 2015 as a rebound in economic growth worldwide boosts consumption, the U.S. Energy Department said.

Prices, which rose to a six-month high of $62.45 yesterday in New York Mercantile Exchange trading, will continue climbing past 2015 to $130 by 2030, as India, China and other developing nations use more oil, the Energy Information Administration said today in its annual International Energy Outlook report.

Oil prices have tumbled from an all-time record $147.27 a barrel in July as industries and consumers pulled back after credit markets froze and the global economy fell into its worst recession since World War II. Energy demand will remain weak