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Wed 20 Jan 2010 11:46 AM

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Oil price seen stabilising in 2010, around $80 a barrel

Consultancy Control Risks says more stability seen after two years of volatility.

After two years of fluctuating oil prices, 2010 is likely to be far more stable, with oil prices remaining at around $80 a barrel, consultancy Control Risks said on Wednesday.

“We called the price at $70 for 2009, which people said was crazy at the time, but which turned out to be pretty much on tap,” said Jonathan Wood, global issues analyst for Control Risks, who was speaking at the launch of the firm’s RiskMap 2010 in Dubai.

Wood said that the upper and lower limits of the price of a barrel of crude could fluctuate between $100 and $60, but speculated that this was unlikely.

The analyst added that one of the main reasons for the stability during the course of the year would be the fragile but continuing economic recovery of the oil-consuming countries.

Oil prices rose to a record level of $147.27 in July 2008, before collapsing to below $34 in December, a quarter of the price it had been just four months previously.

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