The price of crude oil may rise to between $85 and $95 a barrel by the second half of this year due to supply constraints, and may breach $100/barrel next year if supply conditions don't improve, a top trader said Monday.
The price of crude oil may rise to between $85 and $95 a barrel by the second half of this year due to supply constraints, and may breach $100/barrel next year if supply conditions don't improve, a top trader said Monday.
"We think that oil prices will go back to a high-price environment," Chief Commodities Strategist and Head of Energy Research David Greely told reporters on the sidelines of an energy conference in
Malaysia
.
If supply constraints persist, the world could be faced with crude oil exceeding $100/barrel from 2011 to 2014, he said.
Greely said gas prices will also likely rise, but less sharply, to between $5.50 and $6.50 a million British thermal units, close to break-even levels, within the next one to two years.
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