Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and JPMorgan (NYSE:JPM) have all recently stated they see oil prices rising to $100 a barrel and more in 2011.
There is little indication this will change, as over the near term Opec should keep oil production levels where they're at, giving little impetus for the price of oil to fall on increased supply.
Analysts are looking for Opec to continue to produce about 24.85 million barrels a day at this time.
With little in the way of changes in monetary policies in the West, especially the Federal Reserve and its quantitative easing program, which is generating much of the inflation an higher oil and commodity prices, it appears inflation will continue to rise going into 2011, and will surge even more if banks start lending again.
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