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Oil Prices May Rise Even More on Tight Supply, Vitol Group Says

  • ‘These prices are justified,’ said Vitol’s head of Asia
  • China is unlikely to see big omicron outbreak, he said
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WATCH: High prices are justified and futures could rise even further, according to Vitol.Source: Bloomberg

The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even further because of tight supplies.

“These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones.