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Tue 22 Feb 2011 11:23 AM

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Brent oil may reach $110 a barrel in weeks, Goldman Sachs says

Prices may reach a record if unrest spreads to larger producers in the Middle East

Brent oil may reach $110 a barrel in weeks, Goldman Sachs says
OIL TRADING Brent crude oil futures may trade between $105 and $110 a barrel in coming weeks if uncertainty in Libya continues (Bloomberg Images)

Brent crude oil futures may trade between $105 and $110 a barrel in coming weeks if uncertainty in Libya continues, according to Goldman Sachs International’s head of commodities research Jeffrey Currie.

Prices may reach a record if unrest spreads to larger producers in the Middle East, such as Saudi Arabia, he said.

“The real key is the contagion risk,” London-based Currie said in Hong Kong on Tuesday. “Then prices could test historical highs.”

Brent jumped as high as $108.18 in electronic trading on the London-based ICE Futures Europe exchange on Tuesday.

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