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Crude oil will trade between $80 and $150 a barrel because it’s becoming increasingly expensive to develop new supplies, said Tom Petrie, vice chairman of Merrill Lynch & Co.
“I wouldn’t be surprised at all if we see both ends of that in the next 12 to 18 months,” the Denver-based petroleum analyst said in a telephone interview Monday. “That contrasts with what I would call the old sustainable range” of $50 to $80 a barrel.
