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Oil prices remained around $53 a barrel for a second day amid speculation that an increasing demand will lower supplies.

"Unless someone can find oil and find it quick, oil prices will remain high," said Bridgewater president Puru Saxena. "High oil prices are here to stay."

According to a Bloomberg article,

"Crude oil for April delivery reached $53.20 a barrel, the highest since October, the month it touched a record of $55.67 on the New York Mercantile Exchange. It was down 5 cents at $53 at 12:06 p.m. London time. Brent crude for April fell 2 cents to $51.20 on London's International Petroleum Exchange.

Prices in New York have gained 48 percent in the past year as investors bought oil futures, anticipating an expansion in output capacity may take years and come too late to prevent demand from outpacing supply, said analysts including Tor Kartevold of Statoil ASA, the biggest oil company in Norway. The nation is the world's third-largest oil exporter."

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