Oil prices could move “a lot higher” from current levels given the world’s deep reliance on fossil fuels and may hit $150, says Christopher Wood from Jefferies.
“In a world that really reopens — which is a big ‘if’ — the oil price can go significantly higher,” Wood, global head of equity strategy at the investment bank, told CNBC’s “Street Signs Asia” on Wednesday.
“Oil got to over $80 with a lot of Asia closed,” and China’s borders are effectively still closed, he said, in reference of Beijing’s strict zero-Covid approach. “In a really fully reopened world, the oil price could go to a $150 dollars because the supply constraints are dramatic.”
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