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Oil price 'to stay over $100 a barrel in 2012'

THE price of North Sea Brent crude oil looks set to remain above $100 (£64) a barrel during 2012 despite the threat of a global recession, creating misery for motorists and other consumers of petroleum products and headaches for central bankers worried about inflation.

LOOKING AHEAD: Oil prices are predicted to remain high over the coming year, which could have an impact on global economic growth. Picture: Getty
LOOKING AHEAD: Oil prices are predicted to remain high over the coming year, which could have an impact on global economic growth. Picture: Getty
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DOUGLAS HAMILTON

City oil analysts said a combination of tight supplies, strong demand from developing economies such as China and Brazil and tensions over Iran's nuclear programme will keep the market buoyant over the next 12 months.