Oil Prices Could Climb Back to $110 a Barrel, Analyst Says
- Prices could climb back to about $110 a barrel next year
- Energy markets expected to remain volatile with tight supplies
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Oil prices could easily surge back above $100 a barrel next year as already-tight supplies could be further challenged by an increase in Chinese consumption, according to Global X Management.
China may add a meaningful amount of demand for the commodity, helping boost prices to about $110, Rohan Reddy, director of research at Global X Management, said in a Bloomberg TV interview. OPEC’s reluctance in increasing production and a potentially more dovish Federal Reserve are also bullish drivers for oil, he said.