Vitol Group said oil prices could return to triple digits later this year as consumption climbs and the market tightens.
(Bloomberg) — Vitol Group said oil prices could return to triple digits later this year as consumption climbs and the market tightens.
“Demand is expected to hit record levels in the second half of the year,” Chief Executive Officer Russell Hardy said in a Bloomberg Television interview. “The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility.”
Benchmark Brent crude is currently hovering around $83 a barrel in London. Oil has traded within a tight $10 range so far this year as investors weigh a welter of conflicting forces, including the outlook for supplies from Russia, China’s reopening, and the trajectory of monetary policy.
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