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According to Dow Jones on May 18, Michael Hewson, chief market analyst at Markets, a British CMC market company, said that oil prices may continue to climb because since the collapse in oil prices in 2014 and finally fell below $30 per barrel in 2016, the oil industry has underinvested
in recent years.
Hewson said he did not rule out Brent crude prices hitting the $90 a barrel level this year, but he warned that higher prices could lead to a devastation
in demand.
The only thing that prevents oil prices from going higher is demand destruction, and eventually people will consume less and consumption will fall
.
According to Dow Jones on May 18, Michael Hewson, chief market analyst at Markets, a British CMC market company, said that oil prices may continue to climb because since the collapse in oil prices in 2014 and finally fell below $30 per barrel in 2016, the oil industry has underinvested
in recent years.
Hewson said he did not rule out Brent crude prices hitting the $90 a barrel level this year, but he warned that higher prices could lead to a devastation
in demand.
The only thing that prevents oil prices from going higher is demand destruction, and eventually people will consume less and consumption will fall
.
