Several analysts told The Telegraph last week they expect the price of a barrel of crude oil could reach $100 by June as Saudi Arabia extends supply cuts and geopolitical tensions continue to rise. Bjarne Schieldrop of SEB Bank said, “Towards the end of second quarter, I think it’s natural to assume that we’ll see the price move towards the $100 mark… It’s a totally artificial price controlled by OPEC. The big question is what OPEC will do in third quarter.”
Others who forecast $100 oil included Callum Macpherson of Investec and Daan Struyven of Goldman Sachs, who told The Telegraph that extended cuts by OPEC “could send Brent above $100 for some time.”