Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran’s exports.
With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed U.S. demands to rapidly push down crude prices.
OPEC’s reticence, combined with signs of accelerating supply losses from Iran, created a bullish mood the the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday.
— Read on www.mrt.com/business/oil/article/Major-traders-are-talking-about-100-oil-again-13255031.php