Guinness hikes oil price forecast by 10%

Tim Guinness has hiked his 2013 oil price forecast by 10% as he becomes less concerned about the prospect of oversupply in the coming years.

The renowned energy investor and founder of Guinness Asset Management said he now forecasts Brent Crude and WTI oil to trade between $90 and $120 per barrel in 2013, up from his previous forecast of $80 to $110 per barrel. This represents a 10% increase in the average figure, up to $105 from $95. "There are a few things that have made me change my mind," said Guinness (pictured). "The main thing is we have been very impressed with emerging market demand - it basically trumps the growth in US oil. The market was nervous the world would be flooded with oil from the US but we see US o...