Oil rises, but Singapore industry watchers doubt prices will stay up

Singapore

WHILE US oil traders are bullish that crude oil could surge to US$100 a barrel by next year, analysts and economists here are more measured about the commodity's price.

Brent crude, the international benchmark, rose above US$86 a barrel on Wednesday, and US West Texas Intermediate (WTI) crude hit US$76 a barrel - both four-year highs, fuelling bullishness among oil traders in the US who are forecasting that the commodity could reach US$100 a barrel.