Crude Oil Trading At A 4-Year High; Trafigura Sees $100/Barrel
- Crude Oil Trading at a 4-Year High; Trafigura Sees $100/Barrel
Global crude oil blasted through $80 price level on Monday to peaked at $81.67 a barrel.
The jumped in price has been attributed to the comments of OPEC on production cut following President Trump's call for lower oil prices.
Saudi Arabi, OPEC's largest producer, and key ally outside OPEC, Russia, had said the cartel will not increase oil production without demand necessitating such increase.
The comment was taken as a direct response to President Trump's comment, calling for lower oil prices.
OPEC's refusal to cut oil prices bolstered crude oil outlook as experts now believed there will be supply gaps in near-term.
Ben Luckock, Co-Head of Oil Trading, Trafigura, said oil price could rise to $90 a barrel by Christmas and expect oil price to be $100 per barrel by the New Year.
Luckock believes there is enough demand to sustain this bullish run.
Amazingly enough, the higher prices of oil hurt far more folks than the few shareholders who benefit from them. When the pump prices rise most of us suffer from having less to spend on everything else. So I see no reason to rejoice as energy costs are driven upward by a president who is so far detached from 95% of the population that he has no clue about how they live.
You are right William. But OPEC and partners will still fall in line at some point, especially after Nov 4 they will be forced to increase production as they don't want to pick a fight with Trump. Nov 4 is when US -Iran sanctions will be activated.
President #Trump, unfortunately, seems often to represent the wishes of himself alone. In the tariff wars he certainly does not represent any of my feelings. I did not vote for him.
Most Americans didn't. But we are stuck with #Trump as president anyway.
Many thanks Sir