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Commodity Trading Discussion Forum

Oil will stay above $120 per barrel

Posted By: Daniella
Date: Wednesday, 7 May 2008, at 1:12 p.m.

Oil is rising alarmingly and is trading above $120 a barrel. Analyst, Arjun Murti from Goldman Sachs think oil price may rise as high as $200 a barrel in the next two years. The current rise in oil price is due to supply disruptions in Nigeria, low production in Russia and very high demand of oil from China. Contrastingly, an Analyst from Citigroup predicted crude prices may fall to $40 a barrel because of comfortable supplies.

Crude for June delivery surged to a new record of $122.73 a barrel before easing back to $121.84 on the New York Mercantile Exchange, up $1.87.

Compiled sources taken from here

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