Oil price to stay above $100 in the long-term

Just as 2007 ended, 2008 has started off on a rough note with the oil price surging to a record $100 a barrel and a run of weak US economic data adding to recession fears in the US all combining to push share markets lower, notes Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors.The latest spike in the oil price reflects worries about oil production in Nigeria at a time when demand for oil from emerging countries remains strong and stockpiles in th…