Oil expected to bounce back from 2009 lows, reaching $100 a barrel

Last week saw dramatic developments in the oil sector as BP tried to contain a huge oil slick, but fund managers are forecasting gradual upward moves in the oil price in the longer term.

The Deepwater Horizon rig began leaking crude oil after an explosion two weeks ago, with a reported 5,000 gallons of oil spilling out into the Gulf of Mexico since the accident By the end of last week it had reached the US shoreline. American authorities declared a state of emergency and have banned any new oil drilling along the US coast as they try to contain the leak. BP, the owner of the rig, faces costs in excess of £60m, according to some reports. However, this is unlikely to make much of a dent in profits. Last month the oil giant reported record first quarter profits of almost $6...