Oil market is 'underestimating' this key factor that may lift oil prices above $140 this year, says a top hedge fund manager

That’s hedge fund manager Pierre Andurand, who said in an interview with Bloomberg that oil prices could top $140 a barrel this year if Asian economies see a full reopening.

— Pierre Andurand, Andurand Capital That’s hedge fund manager Pierre Andurand, who said in an interview with Bloomberg that oil prices could top $140 a barrel this year if Asian economies see a full reopening. In Friday dealings, front-month March Brent crude traded at $79.59 a barrel, up 90 cents, or 1.1%, for the session, with prices poised for a weekly loss of more than 7%.In a December report, the International Energy Agency said it was expecting total oil demand of 99.9 million barrels a day for 2022 and 101.6 million barrels a day for 2023, which would imply an increase of 1.7 million barrels for this year.

In a Dec. 29 Twitter thread, he said global crude-oil demand could see a bigger surge than traders and analysts have penciled in for 2023 as China’s economy fully opens and the world puts the COVID-19 pandemic behind it.

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Or it could drop like a stone, replaced by cheaper and more reliable renewables

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