Energy

Reasonable for oil to be between $60 to $75 next year

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Demand and supply pressures will offset each other in the oil market, and it’s reasonable to expect prices to be in the $60 to $75 range in one year’s time as countries recover from the coronavirus crisis, said oil expert Dan Yergin.

“If we really do have the rest of the world recover, I think it’s reasonable to think that oil would be in that $60 to $75 range,” the vice chairman of IHS Markit said.

“That’s what the markets are telling us as the U.S. recovers, and China has already recovered,” he told CNBC’s “Street Signs Asia” on Tuesday.

Brent crude futures gained 1.33% on Tuesday afternoon in Asia to trade at $67.94, while U.S. crude futures rose 1.28% to $64.19.

An offshore drilling…



Source cnbc.com

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