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Oil prices are likely to collapse later this year | Peak Oil News and Message Boards


Geopolitical tensions will keep oil prices elevated heading into the summer driving season, but the energy market could be on track for a tumble in the second half of the year, according to Barclays’ head of energy commodities research. Benchmark oil futures hit more than three-year highs last week. Those gains were underpinned by strong demand for petroleum products and a steady drop in global crude stockpiles, but escalating conflicts in the Middle East have boosted the oil market in recent weeks. Both the Brent and U.S. crude benchmarks posted their biggest weekly gains since July last week in the lead-up to a missile strike on Syria by the United States, France and the U.K. on Friday in retaliation