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

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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.Vitol Chief Executive Russell Hardy sees the oil moving between $70 and $80 a barrel for the remainder of 2021 on the expectation that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) keep supply discipline, even as Iran's exports may resume if the United States rejoins a nuclear agreement with Tehran. read more "Iranian production is probably going to come back at some time during the September to November period. OPEC wants to manage their situation to allow that to happen relatively smoothly...supportive of prices," Hardy told the FT Commodities Global Summit.On Tuesday, Brent oil futures hit $74, the highest for the global benchmark since April 2019."We're forecasting oil demand to come back to pre-COVID levels by Q3