$100 U.S.-a-barrel oil foreseen by late 2008

Jul 19, 2007 04:30 AM

A "steady ascent" of crude oil prices toward $100 (U.S.) a barrel continues, but the predicted date when that level will be hit remains a moving target, according to a CIBC World Markets report yesterday.

The investment division of the Canadian Imperial Bank of Commerce predicts "record highs of $80 a barrel this year and reaching as high as $100 a barrel by the end of 2008 as soaring oil demand outpaces growth in global supply."