Oil going up?
The world’s top commodity traders have forecast a return to $100-a-barrel oil
USOIL
An investment in new supplies slows down before demand has peaked and before green alternatives can take up the slack.
Executives from Vitol, Glencore, and Trafigura, and Goldman Sachs said that $100 crude was a real possibility on Tuesday, with prices already reaching their highest level in two years this week as Brent crude moved above $75 a barrel.
The prediction comes at a time when concern about inflation is rising and many commodities, such as copper, have already reached record highs, boosted by supply shortfalls as the economic recovery gathers pace.
Oil has lagged because of a slowdown in demand during the coronavirus pandemic and fears demand could peak in the next decade. But predictions that prices will move much higher in the next few years have gained momentum in recent weeks.
Because of a slowdown in demand during the covid-19 epidemic, oil has trailed, and there are predictions that demand could peak in the next decade. Nonetheless, in recent weeks, expectations that prices will rise significantly over the coming years have gained traction.
WTI Long (Buy)
Enter at: 78.01
T.P_1: 85.11
T.P_2: 91.89
T.P_3: 99.00
T.P_4:102.80
S.L: 71.40
USOILAn investment in new supplies slows down before demand has peaked and before green alternatives can take up the slack.
Executives from Vitol, Glencore, and Trafigura, and Goldman Sachs said that $100 crude was a real possibility on Tuesday, with prices already reaching their highest level in two years this week as Brent crude moved above $75 a barrel.
The prediction comes at a time when concern about inflation is rising and many commodities, such as copper, have already reached record highs, boosted by supply shortfalls as the economic recovery gathers pace.
Oil has lagged because of a slowdown in demand during the coronavirus pandemic and fears demand could peak in the next decade. But predictions that prices will move much higher in the next few years have gained momentum in recent weeks.
Because of a slowdown in demand during the covid-19 epidemic, oil has trailed, and there are predictions that demand could peak in the next decade. Nonetheless, in recent weeks, expectations that prices will rise significantly over the coming years have gained traction.
WTI Long (Buy)
Enter at: 78.01
T.P_1: 85.11
T.P_2: 91.89
T.P_3: 99.00
T.P_4:102.80
S.L: 71.40
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