Brent Oil Exceeding $100 a Barrel ‘Sustainable,’ Mirae Says
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Brent crude’s rebound to more than $100 a barrel is “sustainable” given China’s record-high import demand and Saudi Arabia’s reductions in export volumes, according to Mirae Asset Securities.
Escalating geopolitical tensions in Iran following the official start of the European Union embargo on July 1 should add further support for rising oil prices in the third quarter, Gordon Kwan, the Hong Kong-based head of energy research at Mirae Asset Securities, said today in a research note.