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They foresee a “parabolic” movement for the oil market that will slow down the economy

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According to the predictions of Jeremy Weir, CEO of Trafigura, prices could reach $150 a barrel or more in the coming months.

The oil market could have a “parabolic” move this year, forecasts Jeremy Weir, chief executive of Singapore-based Trafigura, considered one of the world’s largest commodity traders.

His forecast for him, shared on June 7 with the participants of the Financial Times Global Boardroom conference, contemplates the record prices that oil will reach in 2022 and that will slow economic growth. Weir spoke of “a problem for the next six months“, when the markets may rally ” quite” and you will see one of “these parabolic states”.

The sanctions imposed by European countries and the US on Russia’s oil exports exacerbated the “critical” state that the energy markets were experiencing due to investment insufficient and supplies already scarce, said the expert.

According to Weir’s predictions, in the following months prices can rise to $150 a barrel or more, mimicking a parabolic curve. Thus, Brent crude oil, which serves as a reference for the international market, reached its all-time high of 147 dollars on the eve of the 2008 global financial crisis and is now trading around $120 a barrel.

The CEO of Trafigura is not the first renowned expert in offering its bullish forecasts and showing that the market has not yet seen the worst of the energy crisis. Last week, JPMorgan Chase Chairman and CEO Jamie Dimon warned that prices could hit $150 or even $175 a barrel this year. For their part, Goldman Sachs bank analysts predicted that oil could reach more than 140 dollars a barrel in the third quarter of this year.

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