Tough year for market predictions

12/26/2011
By Sam Fletcher
'Tis the season to be jolly. It's also the time analysts and other soothsayers predict what will happen to the world in general and oil markets in particular in 2012—despite the fact they didn't guess most major events of 2011. Forecasts for 2012 "appear to be heading towards the more apocalyptic," said Paul Horsnell, managing director of Commodities Research at Barclays Capital in London. Displaying the cynicism typical of jaded journalists and professional fortune-tellers, he lists three reasons. "First, it is within the usual psychology of human nature that you are going to get more attention with your outlook if it involves an asteroid actually hitting Earth rather than...

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