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Trafigura Says Oil Could Hit $100 a Barrel Next Year

  • Recovery from pandemic is driving rebound in demand: Rahim
  • ‘Structural underinvestment’ in production will push up prices
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WATCH: Trafigura’s Saad Rahim considers when oil will top $100 a barrel.(Source: Bloomberg)

Oil could top $100 a barrel in the next 12 to 18 months as the recovery from the pandemic drives a rebound in demand, according to Trafigura Group.

“The market is hungry for oil,” Saad Rahim, Trafigura’s global chief economist, said Tuesday in an interview with Bloomberg Television. The trading house joins a chorus of market-watchers predicting that crude could reach triple digits again in the right conditions.