The age of triple-digit oil is here to stay

Brokers may be upping their oil price forecasts, but they still lag far behind this soaring commodity. What's more, earnings estimates for oil majors could be up to 15% too low.

I don't think they have learned their lesson.

Brokers are STILL chasing the oil price higher with their forecasts. Last week, Barclays Capital upped its 2008 West Texas Intermediate price forecast to an average of $97.70. This is more than $10 a barrel higher than its previous forecast. It also upped its forecast for Brent to $96.40 a barrel. This is better but I think they could still end up red faced.

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