Crude at $120 Would Hit Demand, Devon CEO Says
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Oil can rise about $25 more per barrel before high prices start weighing down consumption, according to the top executive at shale explorer Devon Energy Corp.
“I still think you could see the commodity continue to move higher before you start seeing that demand destruction,” Chief Executive Officer Rick Muncrief said in an interview on Bloomberg TV. “I personally don’t think you’d see much demand destruction until we saw WTI of $120 or somewhere in that range.”