Peter McGuire, CEO of XM Australia, on Tuesday, said that crude can climb at USD 80 per barrel.
Oil prices jumped to a multi-year high with Brent hitting USD 77 per barrel after the Organization of the Petroleum Exporting Countries (OPEC) Plus meeting got postponed yet again with no new date set.
Speaking in an interview with CNBC-TV18, McGuire said, “I do think it (crude) can climb a bit higher or can take USD 80 per bbl handle; we are at USD 77.50 per bbl. We are still USD 70 per bbl short of the all-time high around USD 147-148 per bbl.”
According to him, a large part of the bull market in crude is behind. “It is behind us and a lot of reasons why and the inflation story is one. I feel that we have got sufficient demand and supply from the production point and USD 80 per bbl might be the new USD 70 per bbl and let us see if we do get through USD 80 per bbl,” said McGuire.
Source: CNBC TV18