After a decade of tight energy markets and rising commodity prices, the global economy is entering a new era marked by rising oil production at high prices. Yet, the prospects of U.S. energy independence, on the back of the ?shale revolution,? a move toward cleaner energy, and slowing growth across the emerging world suggest longer-term oil prices should trend downwards. Going into 2013, crude oil will remain range-bound, with the potential to fall on sub-par global GDP growth and the prospects of positive supply shocks. Goldman Sachs sees Brent averaging $110 next year while Raymond James? chief economist suggests U.S.-benchmark WTI could fall as low as the mid-$60s.
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