Oil prices are pushing higher again on Tuesday, while Chevron CEO Mike Wirth said the commodity was headed in the direction of $100 a barrel.
Oil prices charted fresh highs for the year on Tuesday, as traders weighed up supply constraints, while Chevron CEO Mike Wirth predicted prices will return to $100 a barrel.
“The Saudi appetite to withhold oil from market, supported by Russia maintaining a certain level of export constraint, points to higher prices in the short term, all else equal,” analysts at Citi, lead by Edward Morse, global head, commodities, wrote in a note dated Monday. Over in the U.S., the monthly domestic drilling report from the Energy Information Administration released Monday showed expectations for a fall of 40,000 barrels per day in oil production production from seven major U.S. shale plays in October to 9.393 million barrels a day.
Meanwhile, Chevron Corp. CVX, +0.77% CEO Wirth told Bloomberg TV in an interview on Monday that crude looks likely to reach $100 per barrel, a level it hasn’t seen in more than a year. “Supply is tightening, inventories are drawing. These things happen gradually and you can see it building, and so I think…the trends would suggest that we’re certainly on our way,” he said.
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