EnergyWatch

Trader forecasts USD 100 per barrel of crude oil before the new year

The price for a barrel of crude oil will round USD 100 again soon, predicts oil trader Mercuria Energy Group Ltd.

Photo: /ritzaui/AP/Hasan Jamal

Leading oil trader Mercuria Energy Group LTD. predicts that the price on crude oil will soon top USD 100 per barrel.

According to Bloomberg News, this is because Iranian supplies to the crude oil market will disappear once US sanctions against the country take effect. Although Iran will likely strive to sell its crude oil to others, companies collaborating with the country will be impacted by sanctions, suggesting they will be highly effective.

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