Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
Click Here for 150+ Global Oil Prices
Start Trading CFDs Over 2,200 Different Instruments
Click Here for 150+ Global Oil Prices
OPEC Said To Consider Additional 1 Million Bpd Output Cut
Find us on:
Governments worldwide are enforcing stricter…
There hasn’t been much that…
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
More Info
Crude oil prices could go as high as $140 per barrel and send the world into a recession, Paris-based Allianz Trade said on Friday.
Allianz Trade Says Oil Could Hit $140 – OilPrice.com
`;
document.write(write_html);
}
Tensions in the Middle East and escalations between Israel and Hamas into a broader regional conflic could trigger a price surge for crude oil that could send the commodity to trade at $140 per barrel, Ana Boata, head of economic research at Allianz Trade told Bloomberg Television on Friday.
';document.write(write_html);}
“Higher oil prices, that’s the direct impact,” Boata said, adding that prices could escalate from the current $90 mark to $140 at its peak, even averaging $120 in 2024.
“Clearly at these levels of energy prices, we understand that central banks would be much more into the wait-and-see mode before they cut interest rates,” Boata said, adding that that could send the world into a recession, slowing down global growth to just 2%–the contraction threshold—which is a half a point less than the baseline scenario.
“Clearly we don’t have this as a baseline scenario for now,” Boata said, “but clearly we can give a probability of 20% to this downside scenario.” And according to Boata, that would lead to high oil prices. “That’s the direct impact of this conflict.” This could send global inflation rates to as high as 5.
Even before the conflict, oil industry analysts were raising crude oil price forecasts for 2023—but only a handful of those polled by Reuters in September saw crude oil rising to $100. At the time, Brent was trading at $96. The Reuters September Oil Poll showed on Friday that 42 economists and analysts now see Brent Crude prices averaging $84.09 per barrel in 2023, up from the $82.45 consensus projection in August.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Join the discussion | Back to homepage
Previous Post
Oil Prices Ending On A High Note For Second Week In A Row
Next Post
Auction For Citgo Assets To Begin This Week
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
More Info
Emergency Oil Meeting Discusses Potential For Diesel Outages
The U.S. Plans To Buy 6 Million Barrels Of Oil For The SPR At $79
U.S. Crude Production Breaks Records
Oil Prices Fall Further As U.S. Crude Oil Inventories See Major Build
Allianz Trade Says Oil Could Hit $140
ADVERTISEMENT
Oil Demand In Doubt As Saudis Extend Production Cuts
Saudi Arabia’s Energy Minister Blames Speculators For Oil Price Plunge
America’s Founding Oil Barons Are Ditching Fossil Fuels
Is The UK Giving Up On Solar Power?
© OilPrice.com
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com