Oil likely to hit $100 a barrel, say top commodity traders

The world’s top commodity traders have forecast a return to $100-a-barrel oil, as investment in new supplies slows down before demand has peaked and before green alternatives can take up the slack.

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Oil has lagged behind because of a slowdown in demand during the coronavirus pandemic and fears demand could peak in the next decade. But predictions that prices will move much higher in the next few years have gained momentum in recent weeks.
Oil has lagged behind because of a slowdown in demand during the coronavirus pandemic and fears demand could peak in the next decade. But predictions that prices will move much higher in the next few years have gained momentum in recent weeks. (Foto: Jan Johannessen)