Will oil reach above $100 in 2011?


On Monday, Bernstein Research boldly predicted that oil prices would surpass $100 per barrel in two years as part of what the research outfit called a "sustained commodity bull run." For now, the opposite is true for members of the Organization of Petroleum Exporting Countries. (OPEC).

Data from the 11-nation cartel shows that production increased for a fourth straight month in July, which, of course is a "bearish signal" to the market, as Dow Jones Newswires points out. Worldwide demand for oil is expected to remain little changed this year and increase slightly next year.