Market Expert Says $100 Oil Is in Sight as China Takes to the Skies
- Chinese demand to surge in fourth quarter, Black Gold CEO says
- Higher jet fuel, gasoline consumption will boost oil demand
Air China aircraft in the domestic terminal of Beijing Capital Airport in Beijing.
Photographer: Greg Baker/AFP/Getty Images
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Oil prices still have upside from here because of booming travel in China and restricted supply from OPEC+, according to Gary Ross, a veteran oil consultant turned hedge fund manager at Black Gold Investors LLC.
Domestic flights in China are already back to 110% of their pre-pandemic levels and long-distance road travel is still dominated by gasoline-powered cars, he said he said in an interview at APPEC by S&P Global Commodity Insights in Singapore on Monday.