MUMBAI (Archyde.com) – Crude oil prices are likely to surpass $100 a barrel due to strong global demand, analysts said this week, citing a possible war between Russia and Ukraine as one of their main concerns for markets in 2022.
Three analysts told the Archyde.com Global Markets Forum that oil prices will rise if global supplies are disrupted, as well as with the recovery in demand due to the escalation of natural gas prices in Europe and Asia, as well as the resumption of activities following the closures imposed to limit the spread of the Covid-19 pandemic.
“The biggest geopolitical risk is Ukraine. The trend is looking good overall for commodities,” said John Vail, chief global strategist at Nikko Asset Management in Tokyo.
Today, Brent crude rose $1.32, or 1.5 percent, to $92.43 a barrel by 11:20 GMT, following earlier touching its highest level since the first of 2014, recording $92.66.
West Texas Intermediate crude rose $1.45, or 1.6 percent, to $91.72 a barrel, following it also rose to a seven-year high of $91.91.
© 2024 All rights reserved