Bloomberg News

Hall of Duet Commodities Says Brent Headed to $150 a Barrel

November 16, 2011

(Updates with comment from Hall in second paragraph, prices in fourth.)

Nov. 16 (Bloomberg) -- Brent crude oil may rise to $150 a barrel, Tony Hall, chief investment officer of London-based Duet Commodities Fund, said at the Commodities Week USA conference in New York.

“Brent could reach $150 in the next six months,” Hall said today. The premium of Brent over West Texas Intermediate, the U.S. benchmark crude contract, may narrow to a range of $6 to $8, he said.

Duet trades energy, metals and foreign exchange derivatives, according to its website.

“WTI will remain under Brent, but the spread will come in,” Hall said. WTI could reach $135 a barrel, he said.

Oil in New York climbed above $100 a barrel to a five-month high as Enbridge Inc. said it would reverse the direction of the Seaway pipeline, adding an outlet for crude from the central U.S. and Canada.

Oil rose $2.42, or 2.4 percent, to $101.79 at 12:42 p.m. on the New York Mercantile Exchange. The discount to Brent narrowed to $9.27.

--With assistance from Mark Shenk in New York. Editors: Charlotte Porter, Richard Stubbe

To contact the reporter on this story: Asjylyn Loder in New York at aloder@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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