February 22, 2008 / 1:47 PM / 11 years ago

Barclays raises 2015 U.S. crude forecast to $137 a barrel

Workers check equipment at the Al-Shu'aeba oil refinery, about 15 km (9 miles) southeast of the Iraqi city of Basra, September 27, 2005. REUTERS/Atef Hassan

LONDON (Reuters) - Investment bank Barclays Capital raised its forecast for U.S. crude oil in 2015 to $137 a barrel from $93 after prices surged to record highs this week.

Oil for delivery in December 2015 set a record high of $94.04 on Wednesday, a sign investors are betting that supply concerns and other factors boosting the cost of crude are unlikely to fade soon.

“The remorseless move up in long-run prices has not yet fully played out,” Barclays said in a research note.

Reporting by Alex Lawler; editing by JAMES JUKWEY

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