Crude oil prices could scorch this summer

CRUDE’s global benchmark Brent surged past US$120 a barrel on Tuesday (May 31), led by China’s easing of lockdown curbs and EU’s ban of Russian oil, with the kick off of the US and European summer driving seasons providing added impetus to the rally.

Be prepared for further upside to the commodity’s price, say experts, given the robust momentum and strong fundamental support, chiefly deepening tight market conditions.

“The forecast here has always been US$150 a barrel this year, risk US$180, and a move as high as the obscene, that is US$250 is not out of the question for 2023,” remarked ACY Securities chief economist Clifford Bennett.