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$120 oil now biggest bet

Financial Post, July 25, 2011

The biggest bet in the oil market has become a 20 percent increase to $120 by the end of the year as global growth drives demand for raw materials.

Traders anticipate this year’s gains will exceed forecasts of the most accurate strategists as economic expansion in emerging markets outweighs the debt crisis in Europe, slowing U.S. growth and efforts by Saudi Arabia and the International Energy Agency to curb prices.

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