Traders, funds bullish on oil price despite banking woes

Increases continue to be projected through the end of the year

The biggest oil traders and energy hedge funds speaking at the FT Commodities Global Summit struck a bullish tone despite banking jitters, and see a jump in oil prices by the year end.

The CEO of energy trader Mercuria pointed to uncertainty in demand growth forecasts impacting oil investments. Gunvor CEO Torbjorn Tornqvist said he expected oil prices to move higher towards the end of the year as rising Chinese demand tightens oil balances further. But he added that he wasn’t seeing oil demand growth coming from elsewhere.

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