Trafigura Predicts Oil Prices to Rise
Trafigura, one of the world's largest commodity traders, warns that crude oil prices could face upside risk due to the current tightness in the market. Ben Luckock, Co-Head of Oil Trading at Trafigura, believes that the fair price for oil is in the range of $72 to $88 per barrel, but acknowledges that the market is vulnerable to further price increases. The credibility of Russia's supply cuts remains an issue, as it is difficult to track Moscow's exports. Meanwhile, Vitol's CEO, Russell Hardy, expects some relief in the tight oil market in the next two months due to refinery maintenance, but sour crude supply will remain tight.
