The world's largest independent oil trader sees crude oil prices trading in the range between $80 and $100 per barrel this year.
Oil prices are set to trade in the range between $80 and $100 per barrel this year, Russell Hardy, chief executive at the world’s largest independent oil trader, Vitol Group, said at an industry conference on Tuesday. Vitol also expects robust global oil demand growth in 2024, at around 1.9 million barrels per day bpd higher than in 2023, Hardy told the audience at the FT Commodities Global Summit in Lausanne, Switzerland.
The combined net long in Brent and WTI, the most traded contracts, jumped to a six-month high, while the net long position in Brent Crude surged to the highest level in two and a half years, according to the data compiled by Saxo Bank. Vitol expects refined product demand globally to be 'a lot, lot higher' in the second half, at around 2 million bpd than in the same period last year, Mike Muller, Head of Asia Vitol, told Gulf Intelligence's Daily Energy Markets podcast on Sunday.
Trader Crude Oil Oil Prices Demand Supply Brent WTI
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