Paul Horsnell, the head of commodities research at Barclays Plc, has left the company, according to a person with direct knowledge of the matter.
Brent crude is poised to trade above $100 a barrel for a third consecutive year in 2013 as tension in the Middle East threatens to disrupt supply and global demand is buoyed by Chinese imports.
Base metals prices may resume their advance in 2011, with copper the preferred pick, after a period of “consolidation” expected over the second half of this year, according Barclays Capital.
Oil advanced a seventh day, the longest winning streak since January 2010, on signs of economic recovery from the U.S. to Germany and concern escalating tension with Iran threatens crude supplies.
Amrita Sen, a commodities analyst at Barclays Plc, left the bank this week, two people with knowledge of the matter said.
Barclays Plc cut its 2012 forecast for West Texas Intermediate oil by 8.6 percent and reduced the Brent estimate by 5.8 percent because of price declines in the second quarter.
The profit from stockpiling North Sea crude, a strategy that helped boost BP Plc’s earnings by $500 million in last year’s first quarter, is evaporating amid rising refiner demand and oil-field maintenance.
Barclays Plc said it hired Sha Luo from CRU Strategies as a London-based cross-commodities analyst with an additional focus on commodity investing and quantitative analysis.
Crude oil volatility is falling to the lowest level in almost three years as brimming stockpiles and rising OPEC investment in production capacity eases concern of shortages.
Crude oil climbed to the highest price in three weeks on signs of economic growth in the U.S. and China, the world’s two biggest oil consumers.
"It is a proxy war."
- Paul Horsnell on Dec 26, 2012