Brent jumps over $1 after BarCap price forecast

Published 07/05/2011, 06:25 AM
Updated 07/05/2011, 06:32 AM
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LONDON, July 5 (Reuters) - Brent futures rose more than $1 per barrel on Tuesday after Barclays Capital raised its forecast for the crude oil contract for next year.

Brent futures for August rose $1.43 to a high of $112.82 before easing back slightly to trade around $112.30 by 1021 GMT.

Barclays Capital on Tuesday raised its 2012 forecast for Brent by $10 to $115 per barrel, and upped its 2012 forecast for U.S. crude by $4 to $110.

The bank said in a note to clients it left its Brent forecast for 2011 unchanged at $112 but cut its 2011 forecast for U.S. crude by $6 to $100. (Reporting by Christopher Johnson)

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