VOL. XLVII

No 16

19-April-2004

Merrill Lynch Raises Mid-Cycle Oil Price Assumption To $28/B

Merrill Lynch has raised its mid-cycle oil price assumption used in valuation and earnings calculations from the bottom end of the $24-30/B band to $28/B (WTI), while reiterating its argument in favor of a higher mid-cycle oil price view. In its report Higher Sustained Oil Price Now A Recognized Reality issued on 14 April, Merrill Lynch said that the two key principles behind its higher oil price range...