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Oil Prices: $100 a Barrel In Sight -Trafigura
- 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.
Brent 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.