Major traders see oil staying above $70/bbl, $100 not impossible – Reuters
- Date: 16-Jun-2021
- Source: Reuters
- Sector:Oil & Gas
- Country:user-top-picks
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.