Traders Bet That Oil at $100 Is a Question of When, Not If
- Demand is surging, while OPEC+ is struggling to raise output
- U.S. shale comeback or China virus outbreak could stifle rally
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Surging demand, fading omicron fears, and OPEC+’s inability to ramp up output have underpinned an eye-watering rally in oil prices.
Global benchmark Brent crude has jumped 25% to around $88 a barrel since the end of November. Some in the market now think it’s now a question of when -- not if -- oil hits triple digits, somewhere it hasn’t been since 2014.