CIBC World Markets sees oil averaging $61 US a barrel in 2006

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http://www.cbc.ca/story/business/national/2005/04/26/cibc-050426.html

CBC News

TORONTO - Oil prices will remain high and average $55 US a barrel this year and $61 US in 2006, CIBC World Markets said Tuesday in its latest economic forecast.

Economists at the investment bank said global crude oil supplies are expected to increase by only one per cent next year, which will push oil prices higher.

"The expected rise in oil prices to $61 per barrel next year will likely be a prelude to an even tighter supply picture emerging over the balance of the decade," Jeff Rubin, CIBC World Markets' chief economist, said.

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