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Oil Prices Could Break Above $70-$90/bbl Range: Currie

OIL

Oil prices are expected to break out of the $70-$90/bbl range if the US Fed cuts interest rates in coming months, according to Jeff Currie at Carlyle Group LP in a Bloomberg interview.

  • Commodities are in a “classic late-cycle” price rally. “I want to be long oil and the rest of the commodity complex in this environment,” Currie said.
  • China’s support for manufacturing and rebuilding stockpiles in Europe suggest stronger commodity prices, particularly for oil and copper.
  • In the longer term, the uncoordinated and messy nature of the energy transition will lead to heightened price volatility, Currie said.
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