Banc of America: Oil to Average $47 in 2005

While to some this may appear overly optimistic, other analysis seems to support their ideas. Dan Barcelo, Pierre Sargeant and Philippe Lanier of Banc of America Securities, in an energy sector report, note that they expect sector momentum to remain positive as oil prices are suggested to average $47 in 2005. Oil production and demand remaining healthy are unequivocally good for the tanker sector, while they are also a positive indicator regarding global economic growth.

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