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Oil Could Rise to 100$/bbl on Russian Supply Losses: IEF

OIL

Oil could rise to 100$/bbl again on severe Russian supply losses after the EU sanctions next month according to the International Energy Forum.

  • “It’s a tale of two markets - the physical markets which are quite tight because of the supply deficit, and we have the paper markets which for a couple of months now have been pricing in really bad economic news,” according to Head of IEF Joe McMonigle.
  • All monthly reports from IEA, OPEC and EIA last month saw lower demand.
  • He said structural changes through government policies have been designed to reduce supply and the deficit will continue until these are addressed.
    • Brent JAN 23 up 2.1% at 94.78$/bbl
    • WTI DEC 22 up 2.4% at 88.58$/bbl

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