WTI oil price trading firm at $91, $150 by summer 2011?

WTI oil prices open Monday’s trading session firm in the $90 to $91 a barrel range, as forecasts for oil prices in 2011 emerge with some analysts expecting $150 oil back on the table.

Latest WTI Oil Price

US Light crude oil futures for February 2011 delivery was at $91.34 a barrel 12.00pm Singapore time in electronic trading on the NYMEX.

Meanwhile, the ICE US Dollar Index dropped 0.016% to 80.46.

2011 – Higher Oil Prices Forecast

If we’re not producing it domestically, because we’re trying to achieve administratively what we don’t seem to want to pass legislatively, and our imports are going down and demand’s up, it sets the stages. I think we’ll be at $100 in the first quarter, and there’s a one in four chance we’ll take out the $147 highs before Memorial Day.” said Joe Petrowski, CEO of Gulf Oil and the Cumberland Gulf Group on CNBC.

However, some analysts are concerned that higher crude oil prices could fuel inflation and undermine global economic growth.

“High oil prices were one of the contributors to the last global crisis. The largest effect of an oil price shock on the economy occurs around three to four quarters after the price spike.” JBC Energy said in a report.

Oil Demand Boosting Prices

Strong oil demand may provide the grounds for a run on the $100 a barrel mark in the next few weeks. Cold weather in Europe and the US has seen oil consumption in the topping the 2009 level by nearly one million barrels a day in the US and the situation in Europe is similar.