EMEA News
Get Ready for $50/bl Oil: Vitol
Wednesday November 11, 2020
Global commodity trading firm Vitol sees oil prices climbing as high as $50/bl in the next few months, according to news agency Reuters.
Prices will be heading into the high $40s/bl or even $50/bl within the next few months, Reuters cited Vitol CEO Russell Hardy as saying on Tuesday.
Crude futures have risen by more than $5/bl this week on news of a successful coronavirus vaccine trial. The front-month Brent contract was trading at $44.51/bl as of 8:38 AM in London Wednesday.
The last time the front-month Brent contract was trading above $50/bl was on March 6. Very low sulfur fuel oil at Rotterdam cost $379/mt then, according to Ship & Bunker pricing, compared with a price of $331.50/mt yesterday.
