Nomura Says Oil Price May Peak This Summer on Libya, Demand
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Oil prices are likely to peak this summer as the loss of Libyan crude production has an increased impact on the market amid rising demand in Europe and Japan, Nomura International Plc said.
Oil has “a potential to spike higher” as European refineries resume after maintenance in coming months while demand may be boosted further by a surge in Japan’s electricity needs in the summer, Nomura analysts including Michael Lo said in an e-mailed report today. Prices may moderate later in the year amid “reduced global liquidity,” according to the report.