Major traders see oil staying above $70/bbl, $100 not impossible – Reuters

Major traders see oil staying above $70/bbl, $100 not impossible – Reuters

LONDON, June 15 (Reuters) - The world's biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022.

Oil prices crashed in April last year when the COVID-19 movement restrictions hit their peak with the U.S. crude benchmark turning negative for the first time.

In a stark reversal, the traders do not discount a return to $100 per barrel oil further ahead.