Brent crude oil may rise to $150 a barrel, Tony Hall, chief investment officer of London-based Duet Commodities Fund, said at the Commodities Week USA conference in New York.
“Brent could reach $150 in the next six months,” Hall said today. The premium of Brent over West Texas Intermediate, the U.S. benchmark crude contract, may narrow to a range of $6 to $8, he said.
Duet trades energy, metals and foreign exchange derivatives, according to its website.
“WTI will remain under Brent, but the spread will come in,” Hall said. WTI could reach $135 a barrel, he said.
Oil in New York climbed above $100 a barrel to a five-month high as Enbridge Inc. said it would reverse the direction of the Seaway pipeline, adding an outlet for crude from the central U.S. and Canada.
Oil rose $2.42, or 2.4 percent, to $101.79 at 12:42 p.m. on the New York Mercantile Exchange. The discount to Brent narrowed to $9.27.