Connect with us

News

Oil Prices: $100 a Barrel In Sight -Trafigura

Published

6 years ago

on

Petrol - Investors King
  • Oil Prices: $100 a Barrel In Sight -Trafigura

Surged in global oil prices following OPEC’s reluctance to increase oil production has prompted experts to reevaluate their analysis of global oil outlook going forward.

Ben Luckock, Trafigura’s Co-Head of Oil Trading, said oil prices could rise as high as $100 a barrel by the New Year and projected $90 dollar a barrel by the end of the year.

This was after OPEC said it won’t increase production except there is demand for it despite President Trump calling for lower oil prices.

UKOilWeeklyBrent crude oil jumped after the statement to over a 4-year high on Monday to peak at $81.67 a barrel.

Further validating the notion that limited supplies will create a supply gap in near-term and further boosted oil prices than previously anticipated.

U.S West Texas Intermediate crude oil gained $1.67 to $72.10 a barrel.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Comments
Advertisement
Advertisement