Crude oil prices are at three-year highs and both WTI and Brent are above the $75 per barrel mark. To discuss the trajectory of the crude prices going forward and the outcome of OPEC+ meeting, CNBC-TV18 spoke with Paul Hickin of S&P Global Platts.
On whether crude could go to $80/barrel soon, he said, in the last couple of day’s traders, oil executives were talking about prices at $100 per barrel but the important thing is that the oil market is starting to run out of momentum and once we start seeing OPEC+ cuts come into play, the market will start rebouncing.
“We might see oil at current levels or a little higher than that but after the summer we could see extra crude come into the market,” said Hickin.
According to him, though there is tension within the group, the OPEC members may find a solution at the meeting today and that could be in line with market expectations. It is in all their interest to get the deal done.
He added that with regards to crude prices, we will start seeing them turn the corner in the next couple of months and prices will start easing in the second half of the year.
For full interview, watch video.
First Published: IST