Guinness: Oil to fall below $100 per barrel within year

Tim Guinness, renowned energy investor and manager of the $416m Guinness Global Energy fund, has tipped oil to fall below $100 per barrel within the next six to 12 months.

Brent crude spiked to a two-and-a-half-year high last week as the crisis spreading across the Middle East continued to cause panic over supply. Crude hit a peak of $123 a barrel mid week as concerns mounted political unrest seen in Libya and Egypt could spread to major oil producers such as Saudi Arabia. Guinness said a jump to previous record highs of $147 a barrel – seen during the most recent crisis in 2008 – could not be ruled out, but he expects prices to pull back to lower levels unless Saudi, Kuwait or another major producer suffers contagion from other countries in the Middle ...