Trafigura sees demand recovery driving oil rally
The trader raises the possibility of $100/bl crude next year
“The current [backwardated] structure of the market is absolutely telling you that the market is hungry for oil.” So says Saad Rahim, chief economist at Singapore-headquartered trading house Trafigura, in an interview with Bloomberg TV. And he predicts that crude could hit three figures in the next 12-18 months. “We have moved from a situation where the recovery was China-, manufacturing- and goods-led… to something that is more US-, Europe services- and experiences-led. Everyone is out there hitting the road and taking to the skies again. You are seeing a very strong demand recovery,” Rahim continues. And this rebound is allowing traders to shrug off previous concerns about what Rahim calls
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