Senior portfolio manager Eric Nuttall believes a tightened oil supply and an increase in demand will ultimately send the commodity higher.
Oil rose to US$72.82 per barrel as of Monday morning, marking a 1.53 per cent rise in the commodity after the Saudis announced a production cut of one million barrels per day next month.
Yawger noted that the cut didn’t result in too much bang for the buck and cautioned that whatever supply the Saudis are taking off the market, Russia could easily supply. In the event that Russia does supply oil to Saudi customers, such as China and India, then we’ll likely see oil prices under pressure, Yawger added. He is forecasting oil to hover around US$72 per barrel in the next 12 months.One person who is not skeptical, however, is Eric Nuttall, partner and senior portfolio manager of Ninepoint Partners.called for prices to reach beyond US$100 per barrel in the coming months.
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