Oil prices spike past US$94 amid forecast of hike in oil price in 2013

Benchmark oil for May delivery rose to US$94.2 after falling by US$1.50 in the past two days. Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, rose by over a dollar to end at US$106.1 per barrel on the ICE Futures exchange, as per Associated Press. Oil prices have risen amid government forecast of increase in price of oil this year. The Energy Department said in its monthly outlook on energy markets that oil should average US$94 a barrel in 2013. The outlook is up US$2 a barrel from the forecast issued a month ago. Oil also got a boost from solid gains in U.S. stocks and a drop in the dollar.
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