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Oil Market is Genuinely Tight with High Chance on $100/bbl Oil: Currie

OIL

The oil market is going through a consolidation period but is genuinely tight and the chances of oil prices rising above $100/bbl are “extraordinarily high,” analyst Jeff Currie said to Bloomberg.

  • High prices are positive for the sector even if central banks keep interest rates high as it reflects vigorous economic growth and shows strength in underlying demand.
  • “We’re talking about rates being higher for longer because growth is so good,” Currie said. “We’re seeing a re-acceleration of growth across the board.”
  • OPEC producers Saudi Arabia and the United Arab Emirates hold the last remaining spare production capacity to give them more power than ever over crude markets.
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