"This sharp increase in demand - and the prospect of non-OECD economies holding oil consumption at elevated levels -is transforming the medium-term outlook for oil prices.
Although speculative trading may be adding a premium to current spot prices, the fundamental outlook for oil has changed enough for investors to sharply revise higher price forecasts.
ABN AMRO's global energy team yesterday revised higher its forecasts, lifting its WTI forecasts to $40 (was $30) for 2005 and $38 (was $27) for 2006".
