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

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Oil could top $140 this year if Asian economies fully reopen from COVID-19 lockdowns, hedge fund manager Pierre Andurand said in an interview with Bloomberg

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

China China China

$impp

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian Stock Market: Recovers firmly as US Manufacturing PMI drops, oil witnesses carnageMarkets in the Asian domain have witnessed decent demand tracing the recovery in S&P500, recorded on Wednesday. The United States equity domain witnes
Source: FXStreetNews - 🏆 14. / 72 Read more »