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Crude oil trading giant Trafigura: Oil prices may reach $150 in the coming months

 Last Update: 2023-02-19
 Source: Internet
 Author: User

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Jeremy Weir, CEO of crude oil trading giant Trafigura, said Tuesday that oil prices could reach $150 a barrel in the coming months and that by the end of the year, the market could start to see demand destruction
.

Vail warned that rising commodity prices could weigh on economic activity and ultimately cool
demand.

"If we see energy prices at very high levels for a period of time, we will eventually see demand destruction
," he said at a conference.
Maintaining this level and maintaining global growth will be problematic
.
”

In March, after the outbreak of the Russia-Ukraine conflict, oil prices reached their highest level
since 2008.
The war in Europe has upended global energy markets and pushed up prices
.

U.
S.
WTI crude and Brent crude are currently above
$120 a barrel.
Price pressures are expected to increase
as Chinese demand recovers.

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